President Biden is scheduled this morning to ask Congress to eliminate trade preferences for Russia. The European Union also will take the first step toward implementing similar measures.
The U.S. already has halted imports of Russian oil and energy products, which made up about 60 percent of the $26 billion in goods American buyers imported from Russia last year.
The moves, which the president is scheduled to announce this morning at the White House, will add to the toll of financial sanctions imposed over Russia’s war on Ukraine. The Russian ruble has plunged, the country’s stock market has been shut for more than a week, and foreign corporations are fleeing.
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