President Biden announced the U.S. will dramatically downgrade its trade status with Russia as punishment for its invasion of Ukraine and also ban imports of Russian seafood, alcohol and diamonds.
House Speaker Nancy Pelosi, D-Calif., said lawmakers would pass legislation to formalize the trade downgrade.
This week's moves are the latest for the sanctions that have crippled the Russian economy and a sign that the U.S. and its allies will continue to use their financial heft to retaliate against Russian President Vladimir Putin. The other measures include the freezing of central bank assets, limits on exports and sanctions against Russian oligarchs and their families. These financial tools have led to the Russian ruble losing 76% of its value against the U.S.
President Joe Biden said Friday the U.S. would end normal trade relations with Russia and ban imports of Russian seafood, alcohol and diamonds. Russia provided less than 1% of U.S. vodka imports in December, according to the Distilled Spirits Council of the United States, and less than 2% of U.S. seafood imports by volume, according to federal statistics.
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