US bans seafood, alcohol, diamonds from Russia over invasion of Ukraine; trade status slashed
India Today
US President Joe Biden on Friday announced his decision to downgrade trade status with Russia and ban the imports of seafood, alcohol and diamonds over the invasion of Ukraine.
President Joe Biden announced Friday the U.S. will dramatically downgrade its trade status with Russia as punishment for its invasion of Ukraine and also ban imports of Russian seafood, alcohol and diamonds.
The broad trade shift, which revokes the "most favoured nation" status for Russia, is being taken in coordination with the European Union and Group of Seven countries.
"The free world is coming together to confront Putin," Biden said from the Roosevelt Room of the White House.
READ: The Great Stall of Kyiv
Stripping most favoured nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy.
Biden's changes on Russia's trade status come as bipartisan pressure has been building in Washington to revoke what is formally known as "permanent normal trade relations" with Russia. Ukrainian President Volodymyr Zelenskyy pressed the U.S. and allies to take the action against Russia in remarks to Congress over the weekend. It follows days after the Biden moved to ban imports of Russian oil and gas products.
This week's moves are the latest for the sanctions that have crippled the Russian economy and a sign that the U.S. and its allies will continue to use their financial heft to retaliate against Russian President Vladimir Putin. The other measures include the freezing of central bank assets, limits on exports and sanctions against Russian oligarchs and their families.
