Home of Lisa's Top Ten, the daily email that brings you the world.
Donate
SUBSCRIBE

Lisa's Top Ten

House Passes Bill to End Normal Trade Relations with Russia and Belarus

The U.S. has imposed a ban on Russian oil, natural gas and coal imports and technology imports, as well as sanctions on several Russian banks, oligarchs and businesses.
Vladimir Putin. Photo: Mikhail Klimentyev/Sputnik via Getty Images
Vladimir Putin. Photo: Mikhail Klimentyev/Sputnik via Getty Images

The House on Thursday passed a bill to suspend normal trade relations with Russia and Belarus in response to Vladimir Putin’s unprovoked attack on Ukraine.

Why it matters: The bill would raise tariffs on goods from Russia and Belarus and give President Biden power to impose even stricter import taxes on their exports.

  • Lawmakers voted 424-8 in favor of the bill. It now heads to the Senate.
  • Biden announced his support for the measure last week.

The big picture: Russia’s economy is already suffering from economic sanctions, with the International Monetary Fund predicting that it will fall into a “deep recession” this year.

What to watch: Senate Majority Leader Chuck Schumer said on Thursday he will work quickly to move the bill through the Senate.

  • “Both parties remain united in sending Putin a clear message: His inhumane violence against the Ukrainian people will come at a crippling price, and today’s step by the House is another way we’re making that come true,” Schumer said.
  • “I will work with my colleagues to find a way to move it through this chamber quickly.”

Read More

Total
1
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *