US President Biden confirms that US to revoke permanent normal trade relations with Russia

Joel Frank Independent Analyst

In a public address at the White House, US President Joe Biden confirmed on Friday that US would revoke permanent normal trade relations (PNTR) with Russia. US allies would also announce new actions against Russia on Friday, Biden said. The US is also to ban the imports of Russian luxury goods, diamonds, seafood and Vodka.

The G7 will step up pressure on Russia by applying additional sanctions to Russian oligarchs, Biden announced, noting that the totality of our sanctions and export controls on Russia are crushing their economy.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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