Biden revokes Russia trading status, bans more imports

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Biden revokes Russia trading status, bans more imports

The United States revokes the “most favoured nation” trading status of Russia, President Joe Biden has announced, in a move he said aims to punish the Russian government for its invasion of Ukraine.

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The decision, announced on Friday, downgrades Russia’s trading status with the US and allows Washington to impose higher tariffs on Russian products.

Biden said it was taken in coordination with NATO allies, the European Union and the G7.

“As [Russian President Vladimir] Putin continues his merciless assault, the United States and our allies and partners continue to work in lockstep to ramp up the economic pressures on Putin and to further isolate Russia in the global stage,” he told reporters.

The “most favoured nation” standard, which calls for similar treatment in trade relations between countries, is the international norm. In the US, “most favoured nation” standing is also known as permanent normal trade relations (PNTR). Only North Korea, Cuba and now Russia do not have that status in the US.

“Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States, and doing it in unison with other nations to make up half of the global economy will be another crushing blow to the Russian economy that’s already suffering very badly from our sanctions,” Biden said.

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On Friday, Biden also pledged to continue the push to penalise wealthy Russians with close ties to Putin, saying that the US and its allies are going after their assets.

“We’re also going to make it harder for them to buy high end products manufactured in our countries; we’re banning the export of luxury goods to Russia,” the US president told reporters.

Biden revokes Russia trading status, bans vodka, diamond imports  Al Jazeera English

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