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Biden, European allies move to strip Russia of trade status

Mount Equity Group Tokyo Japan > News > Markets > Biden, European allies move to strip Russia of trade status

Biden called the actions “another crushing blow to Russia’s economy,” which has been pummeled by comprehensive financial sanctions announced in the aftermath of Moscow’s Feb. 24th invasion of its neighbor. The U.S. and Europe have cut off major Russian banks from global financial channels, blocked the country’s access to advanced technologies, and blacklisted wealthy business executives who back Putin’s rule and profit from it.

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“The free world is coming together to confront Putin,” the president said in remarks from the White House.

The president needs congressional approval to alter Russia’s trade status, ending what’s called “permanent and normal trade relations” and treating the country as a pariah along with nations like Cuba and North Korea. The European changes also must be approved by national legislatures.

Friday’s actions will ratchet up the allies’ “maximum…

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