US, Allies To End Normal Trade Relations With Russia
NDTV
Joe Biden announced the new step, which would enable Western nations to inflict steep tariff hikes on Moscow, in coordination with NATO allies, the Group of Seven and the European Union.
Washington and its allies moved Friday to end normal trade relations with Russia, as President Joe Biden vowed the West would make Vladimir Putin "pay the price" for his invasion of Ukraine.
Biden announced the new step, which would enable Western nations to inflict steep tariff hikes on Moscow, in coordination with NATO allies, the Group of Seven and the European Union.
On the US side, lawmakers -- who would have the final say -- have already indicated they support the step, which involves stripping Russia of the preferential status that ensures equal treatment between international trade partners.
Warning in a speech at the White House that "Putin must pay the price" as the "aggressor" in its ex-Soviet neighbor, Biden said the US move would be mirrored by similar steps in allied nations.
