our business correspondent theo leggett has more. as russian weapons pound ukrainian cities, western nations have been trying to cripple russia s economy through sanctions. they re taking effect. the currency has crumbled and western businesses have moved out. those consequences, the severity of the economic sanctions and other measures that have been taken, are well beyond what i think many people anticipated and are certainly unprecedented. and they re having a dramatic impact already. we see the rouble going through the floor. we see russia s credit rating come basically to zero, to junk status, as we would call it. we see the stock market shut down, we have seen an exodus of basically every leading company from russia. those things are happening, they re happening in real time. but there s a problem, russia is still making hundreds of millions of pounds every day from exports of oil and gas.
crushing, rushing russian economy. the ruble has lost i know many of you know this in detail, lost more than half its value. you know what the value of a ruble verses a dollar? you need 200 rubles to equal $1 today. 200. moscow stock exchange is closed for a simple reason. why is it closed? because for the last two weeks because the moment it opens, it will be disbanded. hear me? it will blow up. credit rating agencies have down graded russia s government to junk status. junk status. the list of private businesses and international corporations leaving russia is growing day by day by day. i want to be clear though we re going to make sure youukraine has the weapons to defend themselves from the invading russian force.
millions of dollars, we re also going to make it harder for them to buy high end products, manufacturing in our country. banning export of luxury goods to russia. also the latest steps we re taking, but they re not the last steps we re going to take. as i said, at the beginning of all of these steps, we re going to hit putin harder because the united states and closest allies and partners are acting in unison. totality of our sanctions, export controls is crushing russian economy. the ruble has lost more than half its value, and they tell me it takes about 200 rubles to equal $1 these days. moscow stock exchange has been closed for two weeks, because they know the moment it opens, it will probably collapse. credit rating agencies downgrading russia s government to junk status, its economy to junk status. the list of businesses, international corporations leaving russia is growing by the
dollars, we re also going to make it harderfor them to buy high end products manufactured our country. banning the export of luxury goods to russia. some of the later steps we are taking, but they are not the last steps we will take. as i said at the beginning of all these steps, we will hit putin hard because the united states and our closest allies and partners are acting in unison. the totality of our sanctions and export controls is crushing the russian economy. the rouble has lost more than half its value. it takes about 200 roubles to equal $1 these days. the moscow stock exchange has been closed for two weeks because they know the moment it opens it will probably collapse. credit rating agencies have downgraded the russian government to junk status, the economy, tojunk russian government to junk status, the economy, to junk status. the list of businesses and international
of military supplies. we have deep concerns about all of this and made clear that there would be profound implications not only from us, but again, from our allies and partners, if the prc were to go forward with this. but as you know, the u.s. has focused on how closely aligned nato is throughout this crisis and that is true, but can putin truly be isolated without pressure from both china and even india which is reportedly now looking into ways to avoid sanctions and still manage to do business with russia? i think the answer is yes, and i think you see that answer every single day. you look at the russian economy, you look at the russian financial system. it is basically in ruins. the russian stock market has been closed for some three weeks now to prevent capital flight, the ruble is virtually worthless, less than a penny, international companies are fleeing by the dozen, russia s credit rating is at junk status on the verge of default. so you ve seen the massive toll that toge