Biden signs sanctions bills targeting Russian oil

TEHRAN, Apr. 09 (MNA) – US President signed bills, passed by 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.

According to the White House 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 imports from Russia. The bill, passed by Congress effectively turns the presidential order into 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 lawmakers.

The suspension of this status will allow the US to set higher tariffs for Russia 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.

ZZ/PR

News Code 185475

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