US President Joe Biden announced on the 11th that he will ban the import of Russian alcohol, fish and shellfish and diamonds. The targets are vodka and caviar, which are the symbolic items of the country. He also called on Congress to work with its Western allies to abolish trade incentives for Russia. Strengthen sanctions on Russia, which invaded Ukraine.
“It will be more difficult for Russia to do business with the United States,” Biden said in a speech at the White House. “It will have a further impact on the Russian economy,” he said.
The “Permanent Normal Trade Relations” (PNTR), which gives Russia preferential trade, cannot be abolished by the president. That’s because Congress has that authority. Speaker of the House of Representatives Nancy Pelosi said the House will consider a bill to abolish the measure next week. The abolition of measures has been supported by both the Democratic and Republican parties.
If Mr. Biden signs and passes the bill, it will be possible to impose high tariffs on imports from Russia. The United States has not given Cuba and North Korea any trade incentives, and Russia will receive the same treatment as both countries.
Biden explained that the measure will be implemented in collaboration with the European Union (EU) and the seven major countries (G7). The G7 said in a statement that it would proceed with efforts to “prevent Russia from raising funds from major international organizations such as the International Monetary Fund (IMF), the World Bank and the European Bank for Reconstruction and Development (EBRD).”
Last year, the United States imported beverages, spirits and vinegar from Russia worth about $ 24.1 million a year. However, most Russian brand vodka is produced outside the country. As for fish and shellfish, the United States imported $ 1.2 billion worth of fish and shellfish from Russia last year.
According to Biden, the measure also bans the import of non-industrial diamonds. Exports of luxury goods to Russia are also banned.
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Energy was the U.S.’s biggest import by value from Russia in 2021
Source: US Census Bureau
Original title:Biden Bans Iconic Russian Imports and Calls for Trade Downgrade(excerpt)
(Add and update details of measures, movements of parliament, etc.)