US House Voted to End Trade Relations with Russia and Belarus
In a 424-8 vote, the US House of Representatives passed a bill to suspend normal trade relations with Russia and Belarus.
If the Senate approves the bill, prices for products from Russia and Belarus will be increased to January 1, 2024. As a result, Russia will be excluded from the World Trade Organization (WTO), and Belarus’ application for WTO membership will be suspended. Also, the reduced trade with the US will significantly weaken Russian and Belorusian economies.
The main reason for implementing heavy trade sanctions against Russia is its ongoing war in Ukraine. In the House’s act, Belarus was described as “led by ruthless dictator Aleksander Lukashenka” and “providing important material support to the Russian Federation’s aggression.”
For more information in detail, see the “Suspending Normal Trade Relations with Russia and Belarus Act.” introduced by the House representatives.
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Previously, the EU also imposed strict energy and trade sanctions against Russia. On March 9, President Joe Biden banned the US import of Russian oil which caused rising gas prices in the US.
