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Joe Biden to hike tariff on Russian goods worth $2.3bn Joe Biden

Joe Biden to hike tariff on Russian goods worth $2.3bn

India Blooms News Service | @indiablooms | 27 Jun 2022, 06:11 pm

Washington: US President Joe Biden will be announcing an increase in tariffs on 570 groups of Russian goods worth $2.3 billion, the White House said on Monday.

In past few months, US exports to Russia, including of critical technology inputs Putin needs to maintain his military, decreased approximately 97 per cent.

The White House said, "President Biden and other G7 leaders will seek authority to use revenues collected by new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the costs of its war.

"President Biden is also announcing that, pursuant to Congress’s revocation of Russia’s trade status in the US, the US will implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 billion to Russia."

These measures will restrict Russia’s ability to benefit economically from sales to the US market and are carefully calibrated to impose costs on Russia, while minimizing costs to US consumers.

The US Department of Commerce will take its first action against companies engaging in backfill activities in support of Russia by adding several companies around the world to the Entity List, which will prohibit those companies from purchasing US-made origin goods and technologies, such as semiconductors, the White House said.

"State and Treasury will implement blocking sanctions against persons tied to aiding Russia’s evasion efforts. Commerce and Treasury will jointly issue an alert to financial institutions to aid in detecting potential violations of export controls," it added.

(With UNI inputs)