U.S. President Joe Biden announces new actions against Russia for its war on Ukraine, during remarks in the Roosevelt Room at the White House in Washington, U.S., March 11, 2022.
Evelyn Hockstein | Reuters
President Joe Biden will take executive action to block U.S. imports of key Russian products, including vodka, and ban exports of high-end goods to Russia, the White House said Friday.
Biden will sign an executive order banning imports from key sectors of Russia’s economy, such as seafood, alcohol and non-industrial diamonds, according to text of the order.
That move, the administration said, will block more than $1 billion in Russian revenues and help ensure American citizens are not “underwriting” President Vladimir Putin’s war in Ukraine.
The order will also stop the U.S. from exporting what the administration called “luxury items” to anyone in Russia. Those items include high-end watches and clothes, jewelry, top-shelf liquor and luxury vehicles — all of which feature prominently in the lifestyles of mega-rich Russian oligarchs.
The new export restrictions are valued at nearly $550 million per year, the White House said.
“They’re not the last steps we’re taking,” Biden said in a speech at the White House on Friday morning.
“Putin is the aggressor and Putin must pay the price,” he added.
The White House revealed the latest steps to punish Moscow for invading Ukraine after Biden called on the U.S. to revoke Russia’s “most favored nation” trading status, opening the door to damaging new tariffs. The European Union and the Group of Seven nations are expected to take the same steps.