EconomyUS poised to end normal trade relations with Russia

US poised to end normal trade relations with Russia


US president Joe Biden is poised to end normal trade relations with Russia on Friday, a person familiar with the matter said, in a new step to inflict economic punishment on Moscow for its invasion of Ukraine.

The move by Biden comes after the US this week banned Russian energy imports into America — targeting the biggest source of trade between the two countries and a key source of hard currency for Moscow.

The White House has been under pressure from Congress to go further than that, by revoking Russia’s status as a permanent trading partner, which could lead to higher tariffs on some other Russian imports.

Biden is due to speak on Friday morning about the new trade measures related to Russia, the latest in a series of sweeping sanctions on Moscow including targeting members of the country’s business elite, the inner circle of officials close to Putin, the central bank, and other key financial institutions.

This is a developing story. More to follow.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

How Alexa, Echo, and other devices became a drag on Amazon’s revenue

Sure, R&D is expensive, but the issues run deeper. When Amazon CEO Andy Jassy announced earlier this week that...

It’s time for crypto fans to stop supporting cults of personality

Many of the centralized cryptocurrency platforms that collapsed this year had something in common: a young, outspoken and...

Japanese chip company Ferrotec rejigs supply chains to access US and China

A Japanese chip equipment supplier has started to reorganise its supply chains and factories in a strategy designed...

New Delhi-based diabetes management app BeatO raised a $33M Series B led by Lightrock India, with Flipkart and others participating (Debjyoti Roy/Livemint)

Debjyoti Roy / Livemint: New Delhi-based diabetes management app BeatO raised a $33M Series B led by Lightrock...

What’s the Correct Way to Pronounce “Qatar”? Well, What’s the Correct Way to Pronounce “France”?

Because of the World Cup, people who haven't much focused on Qatar have been talking about, and there's...

Must Read

Roubini calls crypto ‘corrupt gambling,’ rips proof of reserves

Nouriel Roubini is no friend of cryptocurrency exchanges....
- Advertisement -

You might also likeRELATED
Recommended to you