Biden, European allies move to strip Russia of trade status

3 yıl önce

President Biden is scheduled this morning to ask Congress to eliminate trade preferences for Russia, adding to the financial pressure on Russian President Vladimir Putin over his invasion of Ukraine.

The European Union also will take the first step toward implementing similar measures, which would have a much more dramatic impact upon the Russian economy.

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The U.S. already has halted imports of Russian oil and energy products, which made up about 60 percent of the $26 billion in goods American buyers imported from Russia last year.

Two-way trade between the E.U. and Russia amounts to an annual $700 billion.

The moves, which the president is scheduled to announce this morning at the White House, will add to the toll of financial sanctions imposed over Russia’s war on Ukraine. The Russian ruble has plunged, the country’s stock market has been shut for more than a week, and foreign corporations are fleeing.

This is a developing story and will be updated.