Biden Signs Bills on Tightening Trade Regime with Russia, Belarus, Banning Energy Import

US President Joe Biden signed bills, passed by the Congress earlier, on suspension of normal trade relations with Russia and Belarus, as well as on prohibition of energy import from Russia over the situation in Ukraine, the White House press office said Friday.

According to the press office, Biden signed both papers; previously, White House spokeswoman Jen Psaki announced his intent to do so.

Earlier in March, Biden already signed an order banning energy import from Russia. The bill, passed by the Congress effectively turns the presidential order into a law.

Biden also previously announced US and NATO allies’ intent to abandon the normal trade relations with Russia. According to the US President, each of these nations intend to take steps to strip Russia of the most favored nation status. In the US, such status can be removed only under approval from the lawmakers.

The suspension of this status will allow the US to set higher tariffs for Russian and Belarus than for all other WTO member states. This power will remain in effect until January 1, 2024. In the meantime, the US President would be able to restore normal trade relations with Russia and Belarus, should these countries cease what Washington considers aggressive actions against Ukraine, or under other conditions.

Source: Agencies