US further restricts trade relations with Russia

The President of the United States of America, Joe Biden, announced on Friday, March 11, that the US will drastically reduce its trade status with Russia as punishment for its invasion of Ukraine and will also ban imports of Russian seafood, alcohol and diamonds.

These trade measures against Russia, Biden said, are being taken in coordination with the European Union and the G7 countries.

The G7 is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

"The free world is coming together to confront Putin," Biden said from the White House.

The removal of Russia's "most favored nation" status will allow the US and its allies to impose higher tariffs on some Russian imports, increasing the isolation of the country's economy.

President Biden's changes to trade status with Russia come as bipartisan pressure has grown in Washington to cancel what is officially known as the "permanent normal trade relationship" with Russia.

The new United States measures include a ban on the import of alcohol, such as vodka, and seafood, such as caviar, from Russia.

The measures also include a ban on the export of luxury goods to Russia, including items such as tobacco, clothing, jewelry, cars and antiques.

The purpose of these measures, according to American officials, is to continue to harm Russian oligarchs by depriving them of comfort as the US continues its efforts to exert pressure on those close to Russian President Vladimir Putin.

Days ago, the US decided to ban imports of Russian oil and gas products./REL