JUST IN: US and allies revoke trade relations with Russia

JUST IN: The US and its allies revoke trade relations with Russia.

PRESIDENT Joe Biden announced that the US and its allies (the G7 and the European Union) will revoke trade relations with Russia following talks with Ukrainian President Volodymyr Zelenskyy.

Before speaking to the nation, Mr Biden spoke with Mr Zelenskyy about further sanctions against Putin’s Russia.

President Zelenskyy said: “I had a substantive conversation with the President of the United States. Gave him the assessment of the situation on the battlefield, informed about the crimes of Russia against the civilian population.

“We agreed on further steps to support the defence of Ukraine and increase sanctions against Russia.”

Immediately afterwards, the US President made an announcement to the world.

“Each of our nations will take steps to deny ‘most favoured nation’ status to Russia. A most favoured nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest possible imports allowed,” Biden said.

“In the United States, we call this permanent normal trade relations (PNTR), but it’s the same thing. Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that’s already suffering very badly from our sanctions.”

According to CNN, the move was expected to be made by President Biden, however, new actions would include a ban on imports of alcohol and seafood, such as vodka and caviar, from Russia, a White House official told the US news outlet.

For his part, Mr Biden said that the actions were necessary as the country and its allies “continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

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