U.S. President Joe Biden announced on the 11th that he was suspending normal trade relations with Russia.
As a result, high tariffs are expected to be imposed on Russian imports.
According to CNN and the New York Times (NYT) on the 10th (local time), a source familiar with the matter said that President Biden would make an announcement on the 11th that he would suspend normal trade relations with Russia.
He said that each country participating in the move would also cut off trade ties with Russia in accordance with its own national procedures.
In the United States, congressional approval is required to sever trade ties with Russia.
In this regard, earlier this week, a nonpartisan group of lawmakers in the U.S. Senate announced that it would push for a bill that would ban Russian energy imports from the U.S. and suspend normal trade relations with Russia and Belarus in response to the invasion of Ukraine.
The bill also includes a request by the US Trade Representative to ask the World Trade Organization (WTO) to suspend Russia’s accession and to stop Belarus from attempting to join the WTO.
Sources said President Biden supports the bill.
So, following Biden makes an announcement, it seems likely that Congress will introduce the bill.
Earlier, the European Union (EU) told the WTO that it was considering suspending the WTO most-favored-nation status for Russia.
Most-favoured country status means that the relationship between the two countries is not less favorable than all the conditions it places on a third country.
Stopping most-favoured country status would allow the EU to raise tariffs or set quotas (import quotas) on Russian imports.
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