President Biden said he expected the Russian stock market to blow up the second it reopens in response to crippling sanctions that have been imposed on the country in response to its invasion of Ukraine.

“You know what the value of a ruble versus a dollar? You need 200 rubles to equal $1 today. 200,” Biden boasted to a conference of House Democrats in Philadelphia on Friday. “The totality of our economic sanctions and controls are crushing, crushing the Russian economy,”

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“[The] 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 downgraded Russia’s government to junk status. Junk status,” he added.

In his remarks the president also defended his position not to open a no-fly zone over Ukrainian airspace, warning that such a move “would be World War III.”