President Biden on Friday called for an end to normal trade relations with Russia and said the U.S. is banning import of Russian seafood, vodka and diamonds.
with Russia and said the U.S. is banning import of Russian seafood, vodka and diamonds.
Revoking Russia's "most favored nation" status will allow for increased tariffs on imports from the country in addition to the crushing sanctions already imposed as a consequence of . But it must be done by Congress. Biden highlighted bipartisan support for the move in a Friday announcement in conjunction with other G7 and European Union leader. The G7 will also seek to cut off Russia from organizations like the International Monetary Fund and the World Bank, Biden said.
President Biden announces that along with the European Union and the Group of Seven countries, the U.S. will move to revoke"most favored nation" trade status for Russia over its invasion of Ukraine, Friday, March 11, 2022, in the Roosevelt Room at t "He cannot pursue a war that threatens … the very foundation of international peace and stability and ask for financial help from the international community," he said.Russia’s economy is struggling under the weight of the sanctions and a deep recession is predicted in the country, according to the IMF.
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