Vodka, Seafood and Diamonds: A List Of Things US Will No Longer Import From Russia

Russia Ukraine War: The US has banned the import of Vodka, Seafood and Diamonds from Russia. On the other hand, it has also announced that it will no longer export luxury goods to Vladimir Putin's country.

Published: March 12, 2022 11:30 AM IST

By Business Desk | Edited by Raghav Aggarwal

Joe Biden and Vladimir Putin
Russia Ukraine War: Joe Biden said that G7 will deny Russia the ability to borrow from multilateral institutions (Photo: AFP)

New Delhi: The US has been taking stringent steps against Russia for its invasion of Ukraine. Millions have fled the former USSR-member state and millions will continue to do so, in the coming days. In retaliation for Vladimir Putin’s war on Ukraine, US President Joe Biden announced that the US will no longer import vodka, seafood and diamonds from Russia.

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The announcement was made by the POTUS on Twitter. Apart from the ban, he also said that the G7 nations will ‘seek to deny Russia the ability to borrow from leading multilateral institutions’.

For the unversed, the US has already announced the suspension of oil imports from Russia. According to a report by The Guardian, the US will also no longer export luxury goods to Russia.

Most Favoured Nation, Not For Long

Along with the ban on imports, the report also said that the POTUS will take away the ‘most favoured nation’ status from Russia. The US expects the same step from other G7 nations also.

The most favoured nation status allows two countries to have normal trading relations. It is different from Free Trade Agreements (FTAs) as duties and taxes may still be applicable in the trade with MFNs.

If the US removes the most favoured nation status from Russia, it would allow them to impose higher tariffs and taxes to harm the Russian economy more. Other countries which have been stripped of the MFN status by the US are Cuba and North Korea, The Guardian said.

Other Measures Taken By the US Against Russia

  • Freezing the Central Bank Assets
  • Exclusion of Russian banks from SWIFT mechanism
  • Sanctions on Russia Billionaires
  • Ban on import of Russian Oil, Gas
  • Ban on Russian coal

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Published Date: March 12, 2022 11:30 AM IST