Earlier this month, the NAM covered the economic sanctions being taken by the U.S. and its allies against Russia following its February invasion of Ukraine. Here’s the latest.
Actions taken by the U.S.:
- On March 17, the U.S. House of Representatives passed the Suspending Normal Trade Relations with Russia and Belarus Act (H.R. 7108), which would suspend permanent normal trade relations with Russia, allowing the U.S. to increase tariffs on Russian and Belarusian goods. The Senate is expected to vote on the bill this week.
- On March 11, President Biden signed an executive order to halt imports of certain Russian products into the U.S., including seafood, alcohol and nonindustrial diamonds, and disallow new investment “by any U.S. person” in any sector of the Russian economy, among other prohibitions.
- On March 8, the NAM Board of Directors voted unanimously to denounce Russia’s invasion of Ukraine and to stand with “the Ukrainian people … against a violent aggressor.” In the resolution, the NAM called for the suspension of permanent normal trade relations.
Actions taken by allies:
- On March 15, a number of World Trade Organization members joined the European Union, the U.S. and other countries of the G7 to pledge to remove Russia’s most favored nation trade privileges. The move “deprives Russia of key trade advantages as a WTO member, by ensuring that the products of Russian companies no longer receive most favored nation treatment in our economies,” according to a statement by EU Trade Chief Valdis Dombrovskis.
- On March 11, European Commission President Ursula von der Leyen issued a statement on a fourth set of EU restrictions against Russia. These include:
Denying Russia’s status of most favored nation status;
Moves toward the suspension of Russia’s membership rights in leading multilateral financial institutions, such as the International Monetary Fund and the World Bank;
Ensuring that the Russian state and key Russian individuals can’t use crypto assets to circumvent sanctions;
Banning the export of EU luxury goods to Russia; and
Banning new European investments across Russia’s energy sector.
The NAM says: “Manufacturers continue to stand firm in our support of the people of Ukraine in their fight to preserve freedom and independence,” said NAM Vice President of International Economic Affairs Ken Monahan. “In support of that effort, we urge the Senate to act to suspend Russia’s permanent normal trade relations status as soon as possible.”