By: Yzora Lopez
Early Friday morning, Biden called for the suspension of normal trade relations with Russia, and banned imports of seafood, vodka, and diamonds from the nation.
Biden hopes by doing this, it will increase the economic pressure on Russia for initially invading Ukraine. As of right now, the proposal will need approval from Congress and legislation, that should be expected soon.
In a statement, Biden said, “Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up of half of the global economy will be another crushing blow to the Russian economy that’s already suffering very badly from our sanctions.”
Biden continued to say, “many issues divide us in Washington, but standing for democracy in Ukraine, pushing Russia’s aggression should not be one of those issues. The free world is coming together to confront Putin.”
As a result of this proposal, if it were to go through, it will ultimately deny over $1 billion in export revenues for Russia.
It doesn’t seem that Biden ends there. The president also called for an end to the exportation of luxury items that consist of spirits, tobacco, clothing, jewelry, cars, and antiques to Russia.
In a statement made to CNN, the White house said that the goal of all of this is to continue hurting the Russian Oligarchs and the country’s overall wealthiest people by depriving them of their creature comforts, as the United States continues to pressure Putin.