The United States and its allies moved Friday to end normal trade relations with Russia, as President Joe Biden vowed the West would make Vladimir Putin “pay the price” for his invasion of Ukraine.
Biden announced the new step, which would enable Western nations to inflict steep tariff hikes on Russian goods, in coordination with NATO allies, the Group of Seven, and the European Union.
Washington and Brussels also said they would cut off exports of luxury goods to Russia in what EU chief Ursula von der Leyen described as a “direct blow to the Russian elite.”
Biden warned in his speech at the White House that “Putin must pay the price” as the “aggressor” in the war with its ex-Soviet neighbor.
US lawmakers — who would have the final say — have already indicated they support stripping Russia of the preferential status that ensures equal treatment between international trade partners.
In a statement issued in Berlin, G7 leaders confirmed they would each “endeavor” to take action to deny Russia favored trade status.
“The United States and our allies and partners continue in lockstep to ramp up the economic pressures on Putin and to further isolate Russia on the global stage,” Biden said
