In the latest response to Russia’s war in Ukraine, US President Joe Biden has placed a ban on Russian diamonds, seafood, and vodka imports.
Russia’s position as an equal trade partner will be revoked by the United States, the European Union, and other allies, clearing the door for more economic sanctions. The steps add to the economic isolation that Russia has faced since the invasion.
Its currency has depreciated, and international companies are fleeing the country.
Western sanctions on banks and oligarchs have been compared by Russian President Vladimir Putin to a declaration of war. Moscow has also threatened to nationalize enterprises or industrial sites if the activity has been halted. On Friday, Western allies announced new economic retaliation
The European Union announced that it will prohibit imports of important Russian iron and steel products as well as new energy projects, while the United Kingdom imposed penalties on hundreds of Russian lawmakers. The United States, the European Union, and the United Kingdom have also said that they will halt supplies of luxury items to Russia.
The next actions, according to Mr. Biden, will be “another crushing blow to the Russian economy.”
Western partners have stated that they intend to deny Russia access to international financial institutions such as the World Bank and the International Monetary Fund.
“Russia cannot break international law and expect to benefit from membership in the international economic order,” the G7, which includes the United Kingdom, said in a statement.
According to the White House, the US prohibition on essential Russian imports will cost Mr. Putin more than $1 billion in revenue, while the ban on US luxury goods exports will cost $550 million per year.