The President of the United States, Joe Biden, announced this Friday the ban on importing vodka, diamonds, fish and shellfish from Russia to the US. as a sanction for the Russian invasion of Ukraine.
In a televised intervention from the White House, Biden gave more details about the decision made yesterday to end his favorable trade deal with Russia and explained that the objective is to make it difficult for Moscow and the US to do business.
The US president referred to the products whose importation has been prohibited as “distinctives” of the Russian economy by including, in addition to vodka, the coveted and symbolic caviar.
What’s more, warned Russian President Vladimir Putin that his country will pay “a high price” if it uses chemical or biological weapons in Ukrainewhile warning that Washington will defend “every centimeter” of territory from NATO allies.
However, Biden insisted that he wants to avoid any direct confrontation between NATO and Russia because that would mean the start of World War III..
Biden also announced that the G7 countries will work to close to Russia any source of financing from international financial institutions such as the International Monetary Fund (IMF) and the World Bank (WB).
“Putin is the aggressor and he must pay the price for it. He cannot continue to take actions that threaten the foundations of international peace and stability and then ask the international community for financial help,” he said.
“Most Favored Nation” status
Despite having been announced by Biden, the withdrawal of the so-called “most favored nation” treatment from Russia must be approved by the US Congress, something that is expected to go ahead without problem with both Democratic and Republican support.
Ukraine and Canada have already withdrawn Russia’s “most favored nation” status, one of the fundamental principles of international trade upheld by the World Trade Organization (WTO).
According to the White House, the rest of the member countries of the G7 and the European Union (EU) will also follow the same steps. (I)
Source: Eluniverso
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