[ad_1]
President Joe Biden announced on Friday that the United States, along with European Union and G7 countries, would take steps to strip Russia of its status as the most favored nation in trade because of the war in Ukraine.
Biden said the move would further blame Russian President Vladimir Putin for his aggression against Ukraine.
“Each of our countries will take steps to deny Russia the status of the ‘most favored nation’. Determining the status of the most favored nation means that two countries have agreed to trade with each other on the best possible terms – low tariffs, few barriers to trade and higher imports “
The US President explained what this move means:
In the United States, we call this normal permanent trade relationship, but it’s the same thing. The revocation for Russia will make it harder to do business with the United States and do it in unison with the other nations that make up half of the global economy will be another overwhelming blow to the Russian economy that is already suffering so badly from sanctions. our
This action however requires an act of the American Congress. The United States, on the other hand, will ban imports of alcohol and seafood, such as vodka and caviar. Biden also announced that the G7 will further increase sanctions against Russian oligarchs.
“They support Putin. They steal from the Russian people and seek to hide their money in our countries. “They are part of the kleptocracy that exists in Moscow and they must share the pain of these sanctions.”
Describing Putin as the aggressor, Biden said he should pay the price for what he is doing.
top channel
[ad_2]
Source link
