On March 11, 2022, US President Joe Biden announced new measures against Russia for the war on Ukraine in the Roosevelt Room of the White House in Washington.
Evelyn Hawkstein | Reuters
President Joe Biden on Friday issued an executive order barring the United States from importing key Russian products, including vodka, and banning exports of high-quality products to Russia.
Administrative action restricts imports from key sectors of Russia’s economy, Seafood, alcohol and non-industrial diamonds according to the text of the order.
The White House said in a statement that the move would cut off more than $ 1 billion in Russian revenues and help ensure that US citizens in Ukraine did not “commit to war” over President Vladimir Putin’s war.
This order would prevent the administration from exporting so-called “luxury goods” to anyone in Russia. Those products include high-quality watches and clothing, jewelry, top-shelf liquor and luxury vehicles – all of which have been featured prominently in the lifestyles of mega-rich Russian oligarchs.
The White House estimates that the new export restrictions are worth $ 550 million a year.
“They are not the last steps we will take,” Biden said in a statement to the White House on Friday.
“Putin is an aggressor and Putin must pay the price,” he added.
The White House has revealed recent moves to punish Moscow for occupying Ukraine Biden called on the United States to regain Russia’s “most preferred country” trade status, Opens the door to damage new charges. The EU and the group of seven countries are expected to take similar steps.
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