Biden to call for end of normal trade ties with Russia, higher tariffs on imports: Sources
Sign up now: Get ST's newsletters delivered to your inbox
US President Joe Biden imposed an immediate ban on Russian oil and energy imports on March 8.
PHOTO: AFP
WASHINGTON (REUTERS) - US President Joe Biden on Friday (March 11) will call for an end of normal trade relations with Russia over its invasion of Ukraine, clearing the way for increased tariffs on Russian imports, two people familiar with the situation told Reuters.
The move marks the latest escalation of a push by the United States and its allies to pressure Russian President Vladimir Putin to end the largest war in Europe since World War Two.
Russia calls its actions in Ukraine a "special operation".
Removing Russia's status of "Permanent Normal Trade Relations" will require an act of Congress, said one senior administration official. But lawmakers in both houses of Congress have expressed support for such a move.
Unprecedented, sweeping sanctions slapped on Russia banks and elites, along with export controls have already caused the Russian economy to crater, and the International Monetary Fund is now predicting that it will plunge into a "deep recession" this year.
Biden on Tuesday imposed an immediate ban on Russian oil and energy imports.