WASHINGTON (Fwrd Axis) — President Joe Biden on Friday will call for an end of normal trade relations with Russia, allowing increased tariffs on Russian imports, according to those familiar with the situation.
The announcement will come with agreement from the E.U. and Western allies in another effort by the United States and its allies to punish Russian President Vladimir Putin for his invasion of Ukraine and pressure him to end the bloody war, which has gone on for three weeks.
Reuters was the first to report the story of Biden deciding to end trade relations with Russia.
The move is supported by both Republicans and Democrats and removing Russia completely of its status of “Permanent Normal Trade Relations” will require an act of Congress, said one senior administration official said Thursday.
Biden’s schedule on Friday consists of him making remarks in the morning “to hold Russia accountable for its unprovoked and unjustified war on Ukraine”, according to the White House.
The move comes after the President put an immediate ban on Russian oil and energy imports earlier in the week, which limits Russian oil, liquified natural gas, and coal to the U.S. The ban goes into effect immediately, and the administration is allowing a 45-day period to finish up any current contracts.
“The United States produces far more oil domestically than all of Europe,” Biden said Tuesday. “We can take this step when others cannot, but we’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well.”
Prior to Biden’s remarks, the United Kingdom announced their government would phase out the import of Russian oil and oil products by the end of 2022.
“This transition will give the market, businesses, and supply chains more than enough time to replace Russian imports — which make up 8% of UK demand,” Business and Energy Secretary Kwasi Kwarteng said in a series of tweets. “Businesses should use this year to ensure a smooth transition so that consumers will not be affected.”