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

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Biden stated, “We are showing our strength and we will never falter.”

This move is in line with similar actions by the G-7, European Union and others to remove Russia from its “most favored country” status. Canada has revoked Russia’s status last week.

The U.S. According to the U.S. Trade Representative, U.S. Imports from Russia were valued at $22 billion in 2019. The vast majority of these imports was oil, fertilizer, and metals.

The announcement on Friday came days after the U.S. had announced a ban all U.S. oil, gas and other energy imports. The announcement did not include the U.S. allies in Europe because they depend more on Russian energy imports –the United States relies on Russian oil for less that 10% of its imports.