President Biden announced Friday that the US, European Union and G7 countries are moving to revoke Russia's "most favoured nation" trade status over its invasion of Ukraine. The U.S. will also take steps to ban the import of Russian seafood, diamonds and vodka, he said, CBS News reported.
"We’re going to hit Putin harder because the United States and our closest allies and partners are acting in unison," Biden said.
The move would deliver "another crushing below" to Russia, as it continues its aggression in Ukraine, Biden said adding that President Vladimir Putin is an "aggressor, and he must pay the price," news agency Reuters reported.
"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 from the White House.
Calling the move a "special operation" against Russia, Biden on Friday said that these are the latest steps the US is taking but they're not the last steps.
"The free world is coming together to confront Putin," Biden said from the Roosevelt Room of the White House.
The announcement comes as bipartisan lawmakers have come down on Biden to take more aggressive action in punishing Moscow for its unprovoked attack on Ukraine. Ukrainian President Volodymyr Zelenskyy has also been pressuring the U.S. and allies to take the action against Russia in remarks to Congress.
The latest announcement comes just days after the US banned all imports of Russian oil, gas and other forms of energy.
(with agency inputs)
