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By February 24, 2023, the anniversary of the incursion into Ukraine, not only did Russia withstand the economic assault, but the sanctions boomeranged — hitting the very countries that imposed them.<ref>https://consortiumnews.com/2023/02/23/winning-losing-the-economic-war-over-ukraine/</ref> Joe Biden predicted that the U.S. would see that “the ruble will be reduced to rubble.” And that “the most stringent sanctions regime in history” was going to “weaken” Russia, perhaps even leading to Putin’s overthrow. In 2022 the ruble reached its highest exchange rate in history. Russia’s 2022 trade surplus of $227 billion was up 86 percent from 2021. The U.S.’ trade deficit over the same period rose 12.2 percent, and is approaching $1 trillion..<ref>[https://consortiumnews.com/2023/02/28/ukraine-the-tunnel-at-the-end-of-the-light/ Ukraine: The Tunnel at the End of the Light], Robert Freeman, February 28, 2023 ''Consortium News''.</ref>
By February 24, 2023, the anniversary of the incursion into Ukraine, not only did Russia withstand the economic assault, but the sanctions boomeranged — hitting the very countries that imposed them.<ref>https://consortiumnews.com/2023/02/23/winning-losing-the-economic-war-over-ukraine/</ref> Joe Biden predicted that the U.S. would see that “the ruble will be reduced to rubble.” And that “the most stringent sanctions regime in history” was going to “weaken” Russia, perhaps even leading to Putin’s overthrow. In 2022 the ruble reached its highest exchange rate in history. Russia’s 2022 trade surplus of $227 billion was up 86 percent from 2021. The U.S.’ trade deficit over the same period rose 12.2 percent, and is approaching $1 trillion..<ref>[https://consortiumnews.com/2023/02/28/ukraine-the-tunnel-at-the-end-of-the-light/ Ukraine: The Tunnel at the End of the Light], Robert Freeman, February 28, 2023 ''Consortium News''.</ref>
====Forced default====
By denying Russia access to the SWIFT payment system for money transfers between international banks, Biden and the European Union denied Russia of its ability to make payments to bondholders of Russian foreign debt, although Russia had the ability to pay. Much of that debt was held by pension funds in the United States and European Union. Hence the workers and people dependent on pensions in the United States and European Union were punished by EU leaders and Biden, leaving Russia little affected. Additionally, Biden and EU leaders seized - virtually stole without any legal basis or international court judgement - Russian assets outside of Russia.
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