Washington, Europe Brief News – US President Joe Biden has announced that the G7 Industrialised Nations have decided to cancel Russia’s ‘most favoured nation’ trade status. The US president is all set to impose new sanctions on Russia for its invasion of Ukraine.
President Joe Biden will announce the plans at the White House at 10:15 am EST on Friday. The US will announce the ban on Russian seafood, alcohol and diamonds.
The White House said that Biden will announce plans to hold Russia accountable for its unprovoked and unjustified attack on the neighbouring country. Biden believes that stripping off Russia from “most favoured nation” status will prove to be a crushing blow to hit Russia further.
He also said that the United States would add new names to a list of Russian Oligarchs who are sanctioned and ban the exports of luxury goods to Russia.
The White House mentioned that Biden would ban US investment in Russia beyond the energy sector and G7 countries would restrict Russia from accessing funds from the International Monetary Fund and World Bank.
Biden said“ Those are the latest steps we are taking but they are not the last steps we are taking”. This Biden statement indicates that the US and its allies have a lot in store to pressure Russia to withdraw its forces from Ukraine.
US and Western Allies Pounding Russia
The coordinated moves by Washington, London and other allies come on top of a host of unprecedented sanctions, export controls and banking restrictions aimed at pressuring Putin to end the biggest war in Europe after WWII.
The sanction has already crippled Russia’s economy which is in free-falling mode and now the IMF has come up with a prediction that if this keeps going like this, Russia will plunge into a deep recession this year.
The United States is expanding sanctions on Russia to include Executives of sanctioned banks and Russian banker Yuri Kovalchuk as well as Russian lawmakers.
The White House said, “Russia cannot grossly violate International law and expect to benefit from being part of the International economic order”.
For Biden to cancel Russia’s “ Permanent Normal Trade Relations” (PNTR) Status, he will require an act of congress but the good thing is that lawmakers in both houses have shown their willingness to support this move.
One official from the white house said “ President Biden and the administration appreciate the bipartisan leadership of Congress and its calls for the revocation of PNTR”.
