Joe Biden has announced that he will temporarily suspend imports of products from “key sectors of the Russian economy, including seafood, vodka and diamonds.” Exports of luxury goods will also be banned.
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The slide of sanctions against Moscow was further pushed by the United States, which on Friday, March 11 decided to exempt Russia from the mutual rule governing world trade, paving the way for the imposition of punitive customs tariffs in response to the occupation of Ukraine. “The United States and our allies and partners continue to work together to increase economic pressure [Vladimir Poutine] Isolate Russia more on the world stage “Said the American president from the White House.
Joe Biden also announced an import ban “Leading regions of the Russian economy, including seafood, vodka and diamonds”. In the wake of this announcement, the U.S. Department of Commerce announced a ban on exports of luxury goods, including jewelry, cars, clothing and antiques, to Russia and Belarus.
The European Union has followed in Washington’s footsteps and announced a ban on exports of its own luxury goods. The EU and the G7 also joined Washington “Favorite Country” Moscow enjoys facilitating free trade in goods and services.
As for the United States, Russia joins Cuba and North Korea, the only countries in the world that have excluded the world’s leading powers from the principle of interdependence, which underlies most international trade relations.
Trade between the United States and Russia is certainly limited, but this decision is a new blow to the Russian economy. Last year, the United States imported about $ 30 billion worth of Russian goods – including $ 17.5 billion worth of crude oil – and Washington announced a total embargo.
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