(VOVWORLD) - US President Joe Biden on Friday signed two bills levying further sanctions on Russia. One is to suspend normal trade relations with Russia while the Ukrainian conflict continues. The bill paves the way for higher tariffs on imports from Russia.
The move came after the US, Japan, and other countries in the group of developed industries (G7) agreed last month on steps to revoke Russia’s "most-favored nation" status. Previously, with this status, Moscow enjoyed low tax rates and other benefits of being a member of the World Trade Organization (WTO).
The other bill prohibits energy imports from Russia, including oil, coal and natural gas.
President Joe Biden's administration also restricted flights of American-made aircraft that are owned, controlled or leased by Belarusians from flying into Belarus. The Commerce Department said it will begin requiring Russians and Belarusians to get a special license when seeking to obtain a host of goods from US suppliers.