U.S. President Joe Biden made a firm statement that the U.S. and its allies will end normal trade relations with Russia. The sanctions will be supplemented by the downsizing of Russia’s most popular station, and the names of the oligarchs will be added to the sanctions list.
11.3. 21:31 • Updated March 11 21:33
Western economic sanctions against Russia are intensifying.
President of the United States Joe Biden said on Friday that the United States and its allies will end normal trade relations with Russia.
According to Biden, the intention is to increase economic pressure on the Russian president Vladimir Putinia further isolate Russia.
Russia is allowed to say goodbye to Western luxury goods
– The free world will unite to face Putin, said Biden, who spoke at the White House. According to him, the names of Russian oligarchs are being added to the sanctions list, and the United States is beating exports of expensive luxury goods, watches, cars and clothing to Russia.
– We ban the export of luxury products to Russia, Biden said.
Biden will not be able to unilaterally change the country’s trade relations with Russia. The matter will be decided by the country’s congress, where representatives of both Democrats and Republicans have called for the abolition of trade relations.
Democratic Speaker of the House of Representatives Nancy Pelosi said laws to drive economic relations down will be passed.
“Russia will be punished quickly and severely”
– Putin’s planned and unjustified war is an attack on the Ukrainian people and the attack on democracy is equivalent, said Pelosi. According to him, Russia will receive a quick and severe punishment.
The removal of Russia’s most-favored-nation status means that the United States may impose sharp increases in tariffs on Russian products.
Biden said the Allies, the European Union and the G-7 of the most prosperous industrialized countries are doing the same.
Vodka and diamonds on the black list
However, the withdrawal of MFN status is mainly a symbolic move, as the share of Russian products in the US market is already in the doldrums.
Even Russia’s renowned vodka accounts for less than one percent of the liquor imported into the United States. Now Americans are also rejecting Russian diamonds.
Previous sanctions have also cut Russian oil, gas and coal imports by 60 percent. The new US policy means isolating Russia – and its economy – more tightly from the rest of the world.