(Finance) – The European Union, the United States and other G7 allies they are imposing new sanctions on Russiain particular by revoking the status of “favorite nation“of the country led by Vladimir Putin. This expression means that two countries have agreed to trade with each other on the best possible terms, with low tariffs, few barriers to trade and the highest possible imports allowed. Today’s move will therefore further increase the pressure on Moscow, with previous measures that have already brought down the Russian economy: the International Monetary Fund (IMF) predicts that the country’s economy will plunge into a “deep recession” this year.
“We are also taking it a step further to prohibit imports of goods from different characteristic sectors of the Russian economy, including caviar, vodka and diamonds“, said US President Joe Biden.” And we will continue to squeeze Putin – he continued – The G7 will try to deny Russia the ability to borrow from major multinational institutions, such as the International Monetary Fund and the World Bank. Putin is an aggressor, he is the aggressor. And Putin must pay the price “.
“Tomorrow we will take a fourth package of measures to further isolate Russia and drain the resources it employs to finance its barbaric conflict, “said the president of the executive UE Ursula von der Leyen. The European Union will suspend Russia’s privileged trade and economic treatment, impose a squeeze on Moscow’s use of cryptocurrency assets, and veto Russia’s exports of luxury goods and imports of iron and steel goods. steel.
The US president cannot unilaterally remove the so-called “normal permanent trade relations” status as this prerogative rests with Congress. However, House Speaker Nancy Pelosi said the House of Representatives will be considering legislation next week to revoke the designation, a move that has the backing of both Democratic and Republican lawmakers.
“Many issues divide us in Washington, but defending democracy in Ukraine by punishing Russia’s aggression shouldn’t be one of these issues,” Biden said. free world is uniting to confront Putin. Our two groups here at home are leading the way. And with that bipartisan cooperationI’m looking forward to signing the bill revoking the PNTR, which is, once again, “most favored nation” status.