WATCH: State Department holds briefing as Biden concludes trip to Poland, Ukraine

State Department spokesman Ned Price held a news briefing on Wednesday as President Joe Biden concludes his trip to Poland and Ukraine.

Watch the briefing in the player above.

One month into the invasion of Ukraine, Biden stood in the courtyard of a grand Polish castle and laid out the punishing economic costs that the U.S. and its allies were inflicting on Vladimir Putin’s Russia, declaring that the ruble is almost immediately “reduced to rubble.”

Russia is now the world’s most heavily sanctioned country, according to U.S. officials. The ruble did in fact take a temporary dive and has been slipping again in recent months. But as the war nears its one-year mark, it’s clear the sanctions didn’t pack the instantaneous punch that many had hoped.

The ruble trades around the same 75-per-dollar rate seen in the weeks before the war, though Russia is using capital controls to prop up the currency. And while Russia’s economy did shrink 2.2% in 2022, that was far short of predictions of 15% or more that Biden administration officials had showcased. This year, its economy is projected to outperform the U.K.’s, growing 0.3% while the U.K. faces a 0.6% contraction, according to the International Monetary Fund.

The West’s export controls and financial sanctions appear, instead, to be gradually eroding Russia’s industrial capacity, even as its oil and other energy exports last year enabled it to keep funding a catastrophic war.

Large American multinationals like McDonald’s and General Electric fled the country, and some of the country’s richest citizens are forbidden from traveling to the U.S. But if Muscovites can’t get a latte at Starbucks, there’s an imitation waiting for them at the knockoff Stars Coffee as Russia has adapted.

U.S. Treasury Deputy Secretary Wally Adeyemo stressed in an interview that the Western sanctions are only one “tool as part of a larger strategy” and that the U.S. continues to adjust its sanctions to outmaneuver Russia’s own shifts in strategy.

“You look at the exodus, the brain drain from Russia,” Adeyemo said. “The Russian economy is far smaller, far more closed and will look more like Venezuela, North Korea and Iran than like a major G-7 economy.”

Still, a December Congressional Research Service report drew an underwhelming conclusion from all the economic parrying, stating that “the sanctions have created challenges for Russia but to date, have not delivered the economic ‘knockout’ that many predicted.”