WASHINGTON: The US Congress chose on Thursday to end normal trade relations with Moscow and codified the prohibition of Russian oil, when the White House lamented the pressure on President Vladimir Putin to Ukraine.
The Legislation – which also applies to Ally Belarus Russia and allows President Joe Biden to cause a steep increase in tariffs on imports – has passed the Senate in a round sound before being maintained by the House of Representatives.
Biden announced the steps in the speech last month on the grounds that Russia had to “pay the price” for bloodshed in his neighbor’s former Soviet, where he denied the allegations of doing atrocities.
“Putin must be truly responsible for the destroyed and despicable war crimes he does on Ukraine: the picture we have seen out of the country … just evil evil,” said the majority leader Schumer Chuck.
“This reminds us of the worst times in human history, caused by evil humans, Putin: Hundreds of civilians are killed in cold blood.”
The main principle of the World Trade Organization, which is called the most preferred nation status known in the United States as a permanent normal trade relations (PNTR), requires countries to guarantee another tariff and treatment of other regulations.
The latest trading sanctions, which passes home with support from each Democrats and only three Republicans chose not, close several rounds of steps intended primarily to decide Moscow’s economic and financial relations with the whole world.
They include banning Russian oil imports – Biden measuring has been carried out with executive decrites – seizing billionaire assets related to Putin, and freezing the supply of the nation’s cash.
Together, the movement has pushed Moscow to the default debt threshold.
The steps have also caused major commodity prices, such as gasoline and wheat, soaring, harming US consumers who have faced the highest inflation in four decades.
The United States imported only under $ 30 billion of goods from Russia last year, including $ 17.5 billion in crude oil.
Legislation includes the size to have a sanction authorization of the Magnitsky Law that targets human rights and corruption violations with a visa ban, freezing assets and other penalties.
The United States moved on Wednesday to block foreign investment in Russia and state-owned companies and collect further sanctions at state banks and senior officials.
State Secretary Antony Blinken told NBC News that global punishment had placed the Russian economy to be “deep recession.”
“And what we see is the possibility of Russian economic contractions around 15 percent,” he said.
“It’s dramatic … We have seen exodus from Russia almost every big company in the world. And Putin, within a matter of weeks, basically closing Russia to the world.”
