Biden is trying to lower trade between the U.S. and Russia

Biden is trying to lower trade between the U.S. and Russia. 

WASHINGTON: U.S. President Joe Biden announced on Friday that the U.S. would suspend Russia’s “permanent normal commercial relations” status in retaliation for its invasion of Ukraine. find out more

The shift will result in limitations on a wide variety of U.S. exports to Russia and Russian imports.

According to the White House, the U.S. will: Export of luxury items to Russia is prohibited

President Biden signed an executive order prohibiting the transfer of high-end watches, luxury vehicles, high-end clothes, high-end wine, jewelry, and other products regularly purchased by wealthy Russians from the United States to Russia.

MORE: The US Sets ban on exporting luxury goods to Russia.

According to the White House, the export value of the products subject to these restrictions in the United States is about $550 million each year.

According to the Commerce Department, the rule, which also prohibits the same exports to Belarus, goes into force on Friday.

Imports of some high-profile Russian products are prohibited in the United States:

Seafood, spirits/vodka, and non-industrial diamonds all fall into this category. According to the White House, this may cost Russia more than $1 billion in export earnings.

The White House stated that other import prohibitions might be imposed “as appropriate” in the future.

Russia has imposed a ban on new investments.

A moratorium on new American investment in any sector of the Russian economy was also proclaimed by the White House.

Ban on the export of U.S. banknotes to Russia:

The White House also forbade the exportation, re-exportation, sale, or supply of U.S. dollar-denominated banknotes to the Russian government or any person residing in Russia, directly or indirectly, from the United States or by a United States citizen.