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US ends normal trade ties with Russia over Ukraine invasion | World News

The US Congress voted Thursday to finish normal trade relations with Moscow and codify the ban on Russian oil, because the White House ratchets up stress on President Vladimir Putin over his invasion of Ukraine.

The laws — which additionally applies to Russia’s ally Belarus — permits President Joe Biden to inflict steep tariff hikes on imports from each nations.

Biden introduced the steps in a speech final month arguing that Russia should “pay the price” for the bloodshed in its ex-Soviet neighbor, the place it has denied accusations of committing atrocities.

“Putin must absolutely be held accountable for the detestable, despicable war crimes he is committing against Ukraine: the images we have seen coming out of that country… are just pure evil,” mentioned Senate Majority Leader Chuck Schumer.

“It reminds us of the worst moments in human history, caused by the evil man, Putin: hundreds of civilians murdered in cold blood.”

A key precept of the World Trade Organization, the so-called most favored nation standing recognized within the United States as everlasting normal trade relations (PNTR), requires nations to ensure each other equal tariff and regulatory remedy.

The newest trade sanction, which handed the House with help from each Democrat and only a handful of Republicans voting no, caps a number of rounds of measures meant primarily to sever Moscow’s financial and monetary ties with the remainder of the world.

They have included banning Russian oil imports — a measure Biden already carried out by govt decree — seizing the property of billionaires tied to Putin, and freezing the nation’s stockpile of money.

Unwavering help

House Speaker Nancy Pelosi hailed the newest motion as an indication that the United States was “unwavering” in its dedication to help Ukraine and maintain Russia to account.

“Putin’s aggression and barbaric war crimes have horrified the world and demand a strong response,” she mentioned in an announcement.

Together, the strikes have already pushed Moscow to the brink of a debt default.

They have additionally triggered costs for key commodities like gasoline and wheat to soar, harming US customers already going through the very best inflation in 4 many years.

The United States imported slightly below $30 billion in items from Russia final year, together with $17.5 billion in crude oil.

The laws features a measure to reauthorize Magnitsky Act sanctions that concentrate on human rights violations and corruption with visa bans, asset freezes and different penalties.

The United States moved Wednesday to dam overseas funding in Russia and state-owned enterprises and levied additional sanctions on the nation’s banks and senior officers.

Secretary of State Antony Blinken informed NBC News that world punishments had put the Russian economic system right into a “deep recession.”

“And what we’re seeing is a likely contraction of the Russian economy by about 15 percent,” he mentioned.

“That is dramatic… We’ve seen an exodus from Russia of virtually every major company in the world. And Putin, in the space of a matter of weeks, has basically shut down Russia to the world.”

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