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More Sanctions on Russia
On March 11th, 2022, the United States and G7 allies removed Russia from their Most Favored Nation Status. This allows the U.S. and the G7 to impose tariffs on various Russian goods allowing them to put more pressure on Russia’s economy. This is yet another effort to pressure Russia into ending their war with Ukraine which began on February 24. Russia describes their invasion into Ukraine as a special operation which they say is going well.
The United States has begun discussion of possible removal of Russia’s PNTR, which is the Permanent Normal Trade Relations. This is a legal designation in the United States for free trade with a foreign nation. This change requires an act of Congress, but lawmakers in both houses have signaled their support. Congress has shown rare bipartisan agreement in condemnation of Russia’s invasion of Ukraine.
Some U.S. governors of several states, including Ohio, New Hampshire, Pennsylvania, and Utah, have ordered the government-run liquor stores to stop selling Russian-made vodka and distilled spirits to show their solidarity with the Ukrainian people.
Canada recently imposed sanctions on five Russian individuals, including the billionaire Russian politician Roman Abramovich. They have also barred 32 Russian companies and government entities from importing any defense equipment or supplies from Canada.
Canada implemented these sanctions to prevent these individuals from profiting from companies of which they are large shareholders, such as EVRAZ. Canadian Prime Minister Justin Trudeau stated, “The sanctions on Russian officials and oligarchs like Abramovich are directed at them so that they cannot profit or benefit from economic activities in Canada or the hard work of Canadians working in companies that they have investments in.”
The United Kingdom has also imposed sanctions on 386 members of Russia’s State Duma, the Russian lower house of parliament. Additionally, the UK is working to ban the export of luxury goods to Russia. On March 10th, the UK placed sanctions on Roman Abramovich and Igor Sechin, impacting them both with asset freezes and travel bans. Igor Sechin is a Russian oligarch and government official and is considered a close ally of Vladimir Putin.
Allyn International will continue to monitor these sanctions. If you have any questions about how these sanctions may affect your imports or exports, please contact Allyn at email@example.com.
Contributor: Emmalee Crane
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