President Joe Biden speaks during a meeting on semiconductor supply chain countermeasures held at the South Court of the White House on the 9th. Washington = AP News
U.S. President Joe Biden has announced that it will strip Russia of its most-favored-nation status and ban imports of Russian vodka and seafood.
In a speech to the public at the White House on the 11th (local time), President Biden announced the end of the ‘Perpetual Normal Trade Relations’ (PNTR) with Russia and requested the consent of Congress.
President Biden said, “The United States and its allies, including NATO and the G7, continue to cooperate on economic sanctions once morest Russia’s invasion of Ukraine.”
The PNTR is a relationship where trade with the United States is subject to the tariffs of the most favored country (MFN) without regular review by Congress. Therefore, the deprivation of the PNTR is a measure that will deprive Russia of its most-favored-nation status and lay the groundwork for imposing high tariffs.
President Biden also announced a ban on imports of alcoholic beverages, including Russian vodka, seafood and diamonds. “We will continue to squeeze Putin,” Biden said.
Kim Cheong-hwan reporter [email protected]
