US considers ending normal trade relations with Russia

 On March 11, the US, along with the G7 and the European Union (EU), will act to withdraw Russia's "most-favored nation" (MFN) status because of the conflict in Ukraine, sources close to the matter said. with Reuters.

President Joe Biden will announce this plan at the White House at 10:15 am on March 11 (US time), an unnamed source said.

The White House said Biden would announce "moves to hold Russia accountable for the gratuitous war in Ukraine," but gave no details.

The removal of Russia's most-favored nation status will clear the way for the US and its allies to impose tariffs on a wide range of goods from Russia, thereby increasing pressure on an economy that is preparing to enter the country. "severe recession".

The move comes after they launched an unprecedented series of sanctions and export measures to force President Vladimir Putin to end the war in Ukraine.

Each country will make changes to its status with Russia based on its own process, according to sources familiar with the matter.

In the US, the termination of the "Permanent Normal Trade Relations" (PNTR) will require approval from the US Congress. However, lawmakers in both houses have voiced support for the option, two officials said.

"President Biden and the US administration appreciate Congress's leadership and call for an end to the 'Permanent Normal Trade Relations,'" one official said, adding that the White House would work with lawmakers on the plan to withdraw Russia's "Most Favored Nation" status.

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.

Also on March 11, the Japanese government announced that it would freeze the assets of three Belarusian banks, a few days after the European Union (EU) member states agreed to remove these banks from the payment system. SWIFT due to the role of the Minsk government in Russia's special military operation in Ukraine.

According to the Japanese Foreign Ministry, the three banks mentioned above are Belagroprombank, Bank Dabrabyt and Development Bank of the Republic of Belarus.

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