United States ends normal trade ties with Russia over its conflict with Ukraine

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

The legislation enables US President Joe Biden to inflict steep tariff hikes on imports from both countries.

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The US President announced the steps in a speech last month arguing that Russia must “pay the price” for the bloodshed in its ex-Soviet neighbour, where it has denied accusations of committing atrocities.

Senate Majority Leader Chuck Schumer said, “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.”

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A key principle of the WHO, the so-called most favoured nation status known in the United States as permanent normal trade relations (PNTR), requires countries to guarantee one another equal tariff and regulatory treatment.

The latest trade sanction caps several rounds of measures intended primarily to sever Moscow’s economic and financial ties with the rest of the world.

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They have included banning Russian oil imports, seizing the assets of billionaires tied to Putin, and freezing the nation’s stockpile of cash.

The United States moved Wednesday to block foreign investment in Russia and state-owned enterprises and levied further sanctions on the country’s banks and senior officials.