The United States, European Union and other allies on Friday escalated their economic pressure on Russia, moving to strip Moscow of privileged trade and economic treatment among other steps to punish it for its invasion of Ukraine, APA reports quoting Reuters.
U.S. President Joe Biden said the new actions collectively will further hobble a Russian economy already weighed down by previously announced international sanctions that have cratered the rouble and forced the stock market to close.
Referring to ending normal trade relations, Biden said: "Doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that's already suffering very badly from our sanctions."
The measures announced by the EU, the United States and other G7 allies amount to a fourth set of sanctions against Russia over the Feb. 24 invasion.
They include efforts seeking to end Moscow's "most-favored nation" trade status, opening the door to banning or imposing punitive tariffs on Russian goods and putting Russia on a par with North Korea or Iran.