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Biden moves to revoke Russia’s trade relations status amid war in Ukraine: NPR

President Biden is expected to announce further restrictions on Russia for its invasion of Ukraine.

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Find McNamee / Getty Images

President Biden is expected to announce further restrictions on Russia for its invasion of Ukraine.

Find McNamee / Getty Images

President Biden announced on Friday that he will work with Congress on legislation to revoke Russia’s permanent normal trade relations status due to the country’s invasion of Ukraine.

This would mean that Russia would be one of only three countries that do not have normal trade relations with the United States – the other two are Cuba and North Korea – and it would allow for significantly higher tariffs on imports of Russian goods.

“Putin is an aggressor. He is the aggressor. And Putin must pay the price,” Biden said of Russian President Vladimir Putin.

Biden announced that the United States also banned the import of certain Russian goods such as seafood, vodka and diamonds. Exports of luxury exports to Russia have also been banned.

The move comes as the G-7 and the EU take similar steps to revoke Russia’s “most favored nation” status. Canada withdrew this status for Russia last week.

According to United States Trade RepresentativeU.S. imports from Russia were worth $ 22 billion in 2019, the vast majority of which were oil, metals, fertilizers and chemicals.

Friday’s announcement comes days after the United States announced a ban on all US imports of Russian oil, gas and other forms of energy. US allies in Europe were not part of the announcement because they are dependent on Russian energy imports.

Biden moves to revoke Russia’s trade relations status amid war in Ukraine: NPR

Source link Biden moves to revoke Russia’s trade relations status amid war in Ukraine: NPR

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