US President Joe Biden announced: We have suspended trade relations with Russia

US President Joe Biden has announced that the attack on Ukraine has stopped trade relations with Russia and has stopped importing major products such as seafood, alcohol and diamonds from the country.

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In his speech at the White House, US President Joe Biden announced new sanctions imposed on Russia for the Ukrainian War.

Biden said support for the Ukrainian people was constant and he had a telephone conversation with Ukrainian President Volodymyr Zelensky shortly before reaching the podium. “Our NATO and G7 allies are Canada, France, Germany, Italy, Japan, the United Kingdom and the European Union (EU), and Russian President Vladimir Volodimir said,” Putin is further hunted down and he is responsible for the attack on Ukraine. We are announcing new measures to impose on you. “

Biden said it had suspended normal trade relations with Russia, pointing out that it had withdrawn from Russia the status of “the most privileged country” to promote trade between countries, reduce tariffs and allow imports. did.

Mr. Byden points out that trade between the United States and Russia is also called “Permanent Normal Trade Relations (PNTR)” and “removing the PNTR makes it more difficult for Russia to trade with the United States.” Said.

Biden said Congress was different on many issues, but said it had united to support Ukraine and is looking forward to signing a bill preparing to abolish PNTR.

Import ban to Russia
“It also bans the import of certain products that are characteristic of the Russian economy, such as seafood, vodka and diamonds,” Biden said.

Biden noted that Putin continues to be cornered and said G7 countries are working to prevent Russia from borrowing from institutions such as the International Monetary Fund (IMF) and the World Bank.

Sanctions target new oligarchs
“These oligarchs are in favor of Putin,” Biden said, saying that new measures will be taken against Russian billionaires and new names will be added to the list of sanctioned oligarchs. Are trying to hide the money stolen from the Russians in our country .. These people are part of the political corruption of Moscow and are paid by Putin. They should share the price “.

Biden emphasized that the United States and the G7 countries have united against Putin: “The export bans we have implemented are disrupting the Russian economy. The ruble has lost its value like never before. 200 The ruble is equal to US $ 1. The Moscow Stock Exchange was closed for almost two weeks because it knew that the stock market could collapse the moment it opened. Credit “Ratings confused the Russian economy. “He said.

“We accept Ukrainian refugees”
Biden emphasized that the United States continues to support Ukraine’s defense and humanitarian aid, and said it would sign a parliamentary-approved $ 13.6 billion aid package to Ukraine as soon as possible.

“We make sure that Ukraine has the weapons to protect itself from the invading Russian troops. We send money and food to the Ukrainian people. We also welcome Ukrainian refugees. “I will.” Said Byden.

Biden said he would protect all square meters of NATO’s territory, saying:

“But we do not fight Russia in the war in Ukraine. There is no direct conflict between NATO and Russia. This is World War III and we are trying to avoid it. But we already know that there will never be a Putin war in Ukraine Victory. Ukraine without fights. Attempts to suppress but failed. “

“If Russia uses chemical weapons, it will pay a price.”
Biden: “Do you think Russia will use chemical weapons in Ukraine?” “I won’t talk about our intellect, but if Russia uses chemical weapons, it will pay a price.” I gave you your message.

Transaction volume between the US and Russia increased by 66%

According to US Department of Commerce data, foreign trade between the United States and Russia reached $ 36.1 billion in 2021, an increase of about 66 percent over the previous year. Last year’s exports to Russia were $ 6.4 billion, while imports from Russia were $ 29.7 billion. Notably, the US trade deficit with Russia increased by 94.3% year-on-year to $ 23.3 billion in 2021.

According to trade officials’ data, the most exported products by the United States to Russia in 2019 include machinery, aircraft, vehicles, optical and medical equipment, and electrical machinery. At the same time, mineral fuels, precious metals and stones, steel, fertilizers and inorganic chemicals are one of the most imported products from Russia.

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