Biden says Russia should be booted from G-20; Russia’s economy has shrunk in half since invading Ukraine: Live updates

President Joe Biden said Russia should be kicked out of the Group of 20 nations in retaliation for its invasion of Ukraine, a major step that would further isolate the Kremlin and restrict Russia’s say in the global economy.

Russia’s membership in the group, which represents the world’s major economies, was discussed during an emergency meeting with key U.S. allies, Biden told reporters Thursday during a news conference at NATO headquarters in Brussels. 

He noted that the decision on whether to boot Russia from the group is up to other G-20 members. If the other members decline to revoke Russia’s membership, Ukraine should be permitted to attend G-20 meetings, Biden said.

The G-20 includes not only Western democracies but also tyrannical and authoritarian countries such as China and Saudi Arabia. The group works to address major issues impacting the global economy. 

The U.S. and other allies expelled Russia in 2014 from a smaller group that represents industrialized nations after Russia’s annexation of Crimea. That alliance, known at the time as the Group of Eight, is now called the Group of Seven, or G-7.

The president’s remarks came as the U.S. reinforced a united stand with allies in supporting Ukraine one month into Russia’s invasion, with added sanctions against the Kremlin aimed at further crippling the country’s economy. The sanctions against more than 400 Russian officials and entities came as Russian President Vladimir Putin’s economy has shrunk to half the size it was before the invasion, according to the White House. 

A senior administration official told reporters that independent assessments indicate Russia’s last 15 years of economic gains will evaporate this year and inflation will spike to 15%. 

Russia, which had the world’s 11th largest economy before the invasion, will fall out of the top 20, according to the official. At the same time, the official said, sanctions are cutting off all sources of potential growth, including blocking Russia from purchasing cutting-edge technology.