The US bans the supply of US dollars to Russia

 The United States has prohibited the export, re-export, sale, or supply, directly or indirectly, of U.S. dollars in U.S. dollars to the Russian government or persons in Russia.

According to RT radio on March 11, this is another move that the US made to increase economic pressure on Russia after it sent troops into Ukraine. Banning the supply of US dollars to Russia would cause serious problems for the major oil exporter because most oil contracts are paid in US currency.

On March 2, the European Union also banned the export and import of euro banknotes to Russia. There are only exceptions for individuals traveling to Russia, diplomatic missions and international organizations with legal immunity.

Earlier, on March 11, US President Joe Biden said he would call for an end to normal trade relations with Russia. A senior US administration official said the repeal of the "Permanent Normal Trade Relations" with Russia would have to be approved by the US Congress, but lawmakers from both houses expressed support for the move. go this. According to experts, if implemented, this will be the latest move to increase pressure that the US and its allies have put on Russia related to the special military operation in Ukraine.

According to the Office of the US Trade Representative, in 2019, Russia is the 26th largest trading partner of the US, with bilateral trade turnover reaching about 28 billion USD. Top imports from Russia include fuel minerals, precious metals and stones, iron and steel, fertilizers and inorganic chemicals. All of these items may be subject to higher tariffs if the US Congress approves the repeal of the above regulation. Earlier, President Biden announced the imposition of a ban on the import of oil and other energy sources from Russia.

Unprecedented far-reaching sanctions against Russia's banks and elites, coupled with export restrictions, have taken a toll on the Russian economy. Currently, the International Monetary Fund (IMF) forecasts that the Russian economy will fall into a deep recession this year.

However, on March 10, Russian President Vladimir Putin warned that Western sanctions against the country related to Ukraine would destabilize global food and energy markets, pushing up food prices. , global food prices soar because Russia is one of the world's leading fertilizer producers. He also affirmed that Russia will overcome the crisis and will be stronger.

On the same day, Russia announced a ban on the export of more than 200 foreign products and equipment until the end of 2022. This is considered part of Moscow's response to sanctions from Western countries after Russia deployed a war special military operation in Ukraine since the end of February.

The banned list includes technological, communication and medical equipment, vehicles, agricultural machinery and electrical equipment. A total of more than 200 items have been put on the export suspension list, including rail cars, containers, turbines and other goods.

In addition, the Russian government also banned the export of certain types of wood to countries that "act unfriendly" with Moscow. The list includes 48 countries, including the countries of the European Union (EU) and the United States. About 20% of the world's forests are located in Russia. This is considered a resource that can be exploited to help Russia reduce its economic dependence on oil and gas products.

In the context of Western countries imposing sanctions on Russia, Moscow has made a number of decisions, including countermeasures in the economic field as well as temporary measures to maintain the stability of the system. financing, increased support to companies under sanctions to help maintain jobs and wages. On March 9, Kremlin spokesman Dmitry Peskov confirmed that Moscow had foreseen and was prepared to respond to Western sanctions. The Russian government insists that it has enough resources to ensure a stable financial system in the face of sanctions and external threats.

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