US ends normal trade ties with Russia over Ukraine invasion

Frankie Taggart - Agence France-Presse Brandon Bell / Getty Images / AFP WASHINGTON, United States — The US Congress voted Thursday to end normal trade relations with Moscow and codify the ban on Russian oil, as the White House ratchets up pressure on President Vladimir Putin over his invasion of Ukraine. The legislation — which also applies to Russia's ally Belarus — enables President Joe Biden to inflict steep tariff hikes on imports from both countries. Biden announced the steps in a speech last month arguing that Russia must "pay the price" for the bloodshed in its ex-Soviet neighbor, where it has denied accusations of committing atrocities. "Putin must absolutely be held accountable for the detestable, despicable war crimes he is committing against Ukraine: the images we have seen coming out of that country... are just pure evil," said Senate Majority Leader Chuck Schumer. "It reminds us of the worst moments in human history, caused by the evil man, Putin: hundreds of civilians murdered in cold blood." A key principle of the World Trade Organization, the so-called most favored nation status known in the United States as permanent normal trade relations (PNTR), requires countries to guarantee one another equal tariff and regulatory treatment. The latest trade sanction, which passed the House with support from every Democrat and just a handful of Republicans voting no, caps several rounds of measures intended primarily to sever Moscow's economic and financial ties with the rest of the world. They have included banning Russian oil imports — a measure Biden already implemented by executive decree — seizing the assets of billionaires tied to Putin, and freezing the nation's stockpile of cash. Unwavering support House Speaker Nancy Pelosi hailed the latest action as a sign that the United States was "unwavering" in its commitment to support Ukraine and hold Russia to account. "Putin's aggression and barbaric war crimes have horrified the world and demand a strong response," she said in a statement. Together, the moves have already pushed Moscow to the brink of a debt default. They have also caused prices for key commodities like gasoline and wheat to soar, harming US consumers already facing the highest inflation in four decades. The United States imported just under $30 billion in goods from Russia last year, including $17.5 billion in crude oil. The legislation includes a measure to reauthorize Magnitsky Act sanctions that target human rights violations and corruption with visa bans, asset freezes and other penalties. The United States moved Wednesday to block foreign investment in Russia and state-owned enterprises and levied further sanctions on the country's banks and senior officials. Secretary of State Antony Blinken told NBC News that global punishments had put the Russian economy into a "deep recession." "And what we're seeing is a likely contraction of the Russian economy by about 15 percent," he said. "That is dramatic... We've seen an exodus from Russia of virtually every major company in the world. And Putin, in the space of a matter of weeks, has basically shut down Russia to the world."

Comments

Post a Comment

Popular posts from this blog

PCG: China’s bullying in West Philippine Sea undermines international law --- Ghio Ong - The Philippine Star

MANILA, Philippines — Letting China sustain its aggression in the West Philippine Sea would make other countries doubt the strength of international law currently being asserted by the Philippines, Commodore Jay Tarriela of the Philippine Coast Guard (PCG) said. “Allowing China to blatantly disregard the established rules-based order threatens the very foundation that we all depend on,” he wrote in a post on X last Tuesday. He added, “If we permit this, countries worldwide may forget why this order was created in the first place. Nations could begin to doubt the significance of adhering to international law if powerful bullies can easily violate it.” Tarriela also said defiance of other countries to a rules-based order would result in the prevalence of cruelty. He wrote, “This could lead us back to a time when might makes right, undermining the global structures that keep human greed, savagery and barbarism in check. Such a scenario would not only invite challenges from aggressive ...
Read more

China ships maintain presence in key West Philippine Sea areas --- Michael Punongbayan - The Philippine Star

STAR / Michael Varcas MANILA, Philippines — While Chinese vessels in the West Philippine Sea (WPS) have decreased in number, they have maintained a presence in three key land features where naval and coast guard ships have intensified operations in the past seven days, according to the Philippine Navy. Latest monitoring by the Philippine Navy showed armed ships of the People’s Liberation Army Navy (PLAN) maintaining a menacing presence around the grounded BRP Sierra Madre in Ayungin Shoal, Panatag Shoal and Escoda Shoal. According to the Philippine Navy, there are 17 Chinese military vessels and 28 China Coast Guard (CCG) boats spotted inside the country’s exclusive economic zone (EEZ) between Sept. 23 and 30, or one vessel more than in the previous week Sept.17-23. Five of the warships were seen roaming around the vicinity of Escoda Shoal, along with 10 CCG vessels and 12 maritime militia vessels (MMVs). There are also two PLAN ships in Ayungin Shoal as well as 10 CCG boats and 12...
Read more

Social media seen as cause of rising intermarriages --- Helen Flores - The Philippine Star

MANILA, Philippines — The Commission on Filipinos Overseas (CFO) sees social media as the main reason for the rising number of Filipinos marrying or becoming partners of foreign nationals. In 2022, the CFO recorded 6,854 marriages or partnerships with foreign nationals, a 40.1 percent increase from the 4,891 “intermarriages” recorded in 2021. “First of all, what we see in the increase in the marriage rate of Filipinos or Filipinos with foreign partners is because of social media, (that) is number one; matchings; letters, introduction of their friends,” CFO chairperson Romulo Arugay said at the Bagong Pilipinas Ngayon public briefing yesterday. Arugay said the agency has been registering a high number of intermarriages since 2007, but the figures went down during the COVID-19 pandemic. From over 6,500 Filipinos who married foreign nationals, only 600 are men, he said. Most of them are married to Americans, Japanese, Germans, Canadians and Australians, Arugay said. Arugay warned Fi...
Read more