Earlier this week, President Biden said the United States and 7 other nations plan to take further action against Russia for their President’s invasion of the Ukraine. The actions would include ending normal trade relations, effectively placing Russia on the same trade status as other nations like Cuba and North Korea.
The US will likely begin next week on formal legislation to implement this shift in US trade policy towards Russia.
Since the invasion of the Ukraine, the US has already, or will take the following actions in trade towards Russia:
- Plan to ban imports of Russian seafood and alcohol which totaled $550 million last year;
- Biden intends to ban exports from the US to Russia of luxury goods;
- US has already stopped purchases of Russian oil and energy products.
However, the US will still depend on Russia for palladium used to make catalytic converters.
If you have any questions about how new US policy towards Russia will impact your business, feel free to contact David Hsu by phone/text at 832-896-6288 or by email at firstname.lastname@example.org, DH@GJATradeLaw.com at anytime.