Breaking news: There has been a new development in the US sanctions against Russia due to Russia’s military intervention in Ukraine. In his speech at the White House, US President Joe Biden announced new sanctions to be imposed on Russia due to the Ukraine war.
“TO CORNER PUTIN FURTHER…”
Biden stated that his support to the Ukrainian people has always continued and that he had a phone conversation with Ukrainian President Volodymyr Zelenskiy shortly before he came to the podium, “Our NATO and G7 allies Canada, France, Germany, Italy, Japan, the UK and the European Union (Russian President Vladimir) Putin. We are announcing our new steps to further corner Russia and hold accountable for its attacks on Ukraine.” used the phrase.
HERE ARE NEW SANCTIONS FROM USA TO RUSSIA
Biden pointed out that they have withdrawn from Russia the “most privileged country” status, which facilitates trade between countries, lowers customs duties and allows imports, and stated that they suspended normal commercial relations with Russia.
Pointing out that the trade between the USA and Russia is also called “Permanent Normal Trade Relations (PNTR),” Biden said, “By removing PNTR, we will make it more difficult for Russia to trade with the USA.” said.
Stating that the Congress differed on many issues, but united to support Ukraine, Biden noted that he was looking forward to signing the bill to be prepared to abolish PNTR.
IMPORT PROHIBITED TO RUSSIA
“We will also ban the import of certain products that are signatures of the Russian economy, including seafood, vodka and diamonds,” Biden said. used the phrase.
Noting that they continue to corner Putin, Biden noted that the G7 countries are working to prevent Russia from borrowing from institutions such as the International Monetary Fund (IMF) and the World Bank.
TRADE VOLUME BETWEEN USA AND RUSSIA INCREASED 66 PERCENT
According to the data of the US Department of Commerce, the volume of foreign trade between the USA and Russia reached 36.1 billion dollars in 2021, an increase of approximately 66 percent compared to the previous year.
While the country’s exports to Russia amounted to 6.4 billion dollars last year, its imports from the country amounted to 29.7 billion dollars.
It was noteworthy that the US trade deficit with Russia increased by 94.3 percent in 2021 compared to the previous year, reaching $23.3 billion.
According to the Trade Representative’s data, the USA’s most exported products to Russia in 2019 include machinery, aircraft, vehicles, optical and medical instruments, and electrical machinery.
In the same period, mineral fuels, precious metals and stones, iron and steel, fertilizers and inorganic chemicals are among the most imported products from Russia. (AA)