US President Joe Biden predicted, on Monday, that Russia will soon be removed from the list of the 20 most powerful economies in the world, as a result of the sanctions imposed on it due to its military operation in Ukraine.

"The Russian economy was the 11th largest in the world before this invasion," Biden said in a tweet on Twitter.

"Soon it will not even be among the 20 most powerful economies in the world," he added.

On February 24, Russia launched a military operation in Ukraine, which was followed by angry international reactions and the imposition of severe economic and financial sanctions on Moscow.

Meanwhile, Standard & Poor's Global Ratings cut its forecast for Russia's 2022 GDP growth by more than 11 percentage points to a contraction of 8.5%, while lowering its forecasts for Poland and Turkey by more than a percentage point due to the fallout from the war in Ukraine.

It said its basic assumption was that "the conflict will have the most severe impact on commodity markets, supply chains, and investor and consumer confidence in the first and second quarters of 2022."

She added that the repercussions will recede, but will continue into the rest of the year and beyond.

Standard & Poor's cut its forecast for Russia to a contraction of 8.5% from its previous estimate of 2.7% growth.

It also cut its growth estimates for Poland by 1.4 percentage points to 3.6%, and Turkey by 1.3 percentage points to 2.4%.