The United States and its allies are keeping Russia away from international trade

The United States and its allies are keeping Russia away from international trade

Joe Biden announced that he would suspend the import of products from “key sectors of the Russian economy, including seafood, vodka and diamonds.” The export of luxury goods will also be banned.

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And the United States has further slipped sanctions against Moscow, deciding on Friday 11 March to exclude Russia from the reciprocal regime that governs global trade, paving the way for punitive tariffs in response to the invasion of Ukraine. The United States, our allies, and our partners continue to work together to increase economic pressures [Vladimir Poutine] Russia is increasingly isolated on the world stage.The US President said from the White House.

Joe Biden also announced a ban on imports “The main sectors of the Russian economy, including seafood, vodka and diamonds”. In the wake of this announcement, the US Department of Commerce announced a ban on the export of luxury goods, including jewelry, cars, clothing, and antiques, to Russia and Belarus.

The European Union followed in Washington’s footsteps, and in turn announced a ban on the export of its luxury goods. The European Union and the Group of Seven also joined Washington in repealing the so-called status of ‘most favored country’ Moscow enjoys it, facilitating free trade in goods and services.

As far as the United States is concerned, Russia will thus join Cuba and North Korea, the only two countries excluded by the world’s leading power from the principle of reciprocity that forms the basis of most international trade relations.

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Trade between the United States and Russia is certainly limited, but this decision is a new blow to the Russian economy. Last year, the United States imported about $30 billion worth of Russian products — including $17.5 billion worth of crude oil, a commodity Washington has just imposed an outright embargo on.

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