Connect with us

Hi, what are you looking for?

United States

Biden Says the U.S. and Allies Will Strip Russia of Favored Trade Status

WASHINGTON — President Biden on Friday said the United States would join the European Union and other allies in stripping Russia of permanent normal trade relations and would take other steps to isolate the Vladimir V. Putin’s regime as Western nations extended efforts to penalize Russia over its invasion of Ukraine.

The moves, which would be taken in concert with the Group of 7 countries, would allow countries to raise tariffs on Russian goods and would deny Russia the ability to borrow money from multilateral institutions like the International Monetary Fund and the World Bank.

Mr. Biden also said he planned to sign an executive order on Friday that would ban certain imports from the Russian economy, including seafood, vodka and nonindustrial diamonds. This would deny Russia more than $1 billion in export revenues, according to White House estimates.

The president also plans to bar American exports of luxury items to Russia, including high-end watches, luxury vehicles, alcohol, jewelry and apparel, items that amount to about $550 million per year. The administration said the executive order would also give the president authority to ban new U.S. investments in other sectors of the Russian economy, beyond the existing ban on such investment in Russian energy.

In remarks on Friday, Mr. Biden said that revoking Russia’s permanent normal trade status would “make it harder for Russia to do business with the United States, and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy.”

But trade experts said the economic impact of changing Russia’s trading status would be limited, especially in comparison with some of the sweeping sanctions the administration has already announced. Russia ranked as only the 20th largest supplier of goods for the United States in 2019.

Each country will follow their own domestic process to make this change, the administration said. The European Union will be required to consult with its member countries. Canada announced last week that it would withdraw most favored nation tariffs for both Russia and Belarus, a close Russian ally.

Catie Edmondson contributed reporting.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like


This is now the American position on Taiwan after President Joe Biden said, for at least the third time, that the US would be...

United States

“The sprawling evidentiary hearing in Jones is particularly poignant,” he wrote by way of example. “Ostensibly to assess cause and prejudice under Martinez, the...


ATLANTA – Don’t be surprised if Stacey Abrams’ comments that Georgia is the “worst state in the country to live” will be used against...


A former U.K. Conservative MP has been jailed for 18 months for sexually assaulting a 15-year-old boy. Imran Ahmad Khan resigned as a member...


But Nguyen, a state lawmaker who has helped lead the fight against Republican efforts to restrict voting in this presidential battleground, framed the mission...


EXCLUSIVE: The House Freedom Caucus is demanding that President Biden either withdraw the United States from the World Health Organization (WHO) or correct the...


Eurozone finance ministers today thinned down the options to replace the European Stability Mechanism’s managing director from four to three, but fell short of...


A brutal heat wave in South Asia that triggered a chain reaction affecting global food security was made 30 times more likely by climate...