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U.S. President Joe Biden proclaims new actions in opposition to Russia for its conflict on Ukraine, throughout remarks within the Roosevelt Room on the White Home in Washington, U.S., March 11, 2022.
Evelyn Hockstein | Reuters
President Joe Biden will take government motion to dam U.S. imports of key Russian merchandise, together with vodka, and ban exports of high-end items to Russia, the White Home stated Friday.
Biden will signal an government order banning imports from key sectors of Russia’s economic system, akin to seafood, alcohol and non-industrial diamonds, in response to textual content of the order.
That transfer, the administration stated, will block greater than $1 billion in Russian revenues and assist guarantee Americans will not be “underwriting” President Vladimir Putin’s conflict in Ukraine.
The order can even cease the U.S. from exporting what the administration referred to as “luxurious gadgets” to anybody in Russia. These gadgets embrace high-end watches and garments, jewellery, top-shelf liquor and luxurious autos — all of which characteristic prominently within the existence of mega-rich Russian oligarchs.
The brand new export restrictions are valued at practically $550 million per yr, the White Home stated.
“They don’t seem to be the final steps we’re taking,” Biden stated in a speech on the White Home on Friday morning.
“Putin is the aggressor and Putin should pay the value,” he added.
The White Home revealed the newest steps to punish Moscow for invading Ukraine after Biden referred to as on the U.S. to revoke Russia’s “most favored nation” buying and selling standing, opening the door to damaging new tariffs. The European Union and the Group of Seven nations are anticipated to take the identical steps.
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