Market Updates
U.S. Revokes Russia's Trade Status, Bans Luxury Exports and Energy, Alcohol Imports
Hossain Akhtar
07 Apr, 2022
New York City
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The U.S. Senate in a unanimous vote approved to drop the most favored nation status of Russia and Belarus and ban oil and coal imports. The measure was also approved by the House The import ban against alcohol, diamonds, and seafood adds up to about $1 billion. Natural resources including silver, palladium, rhodium, plywood, and semi-finished steel will face higher import taxes replacing tariffs.
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