Biden Attempts To Cancel Russia’s Status As A Trade Partner Amid The Conflict In Ukraine

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Friday’s announcement by President Biden was that he would work with Congress to amend Russia’s permanent normal trading relations status in light of its invasion.

This would make Russia one of three countries that do not have normal trade relations with the United States — the other two being Cuba and North Korea — which would lead to significantly higher import duties for Russian goods.

“Putin’s an aggressor. He is the aggressor. Putin must pay the price,” Biden stated about Russian President Vladimir Putin.

Biden also announced that the United States would ban certain Russian goods, such as seafood, vodka, and diamonds. The White House claimed that Russia was worth more than $1B per year. It also banned U.S. exports to Russia of luxury vehicles, watches, jewelry, and high-end clothing. Russia trade is worth approximately $550 million annually.