Congress votes to strip Russia of preferential trade status with U.S.
The Congress has voted to strip Moscow of its preferential trade status with the United States and to ban the import of Russian energy into the U.S. The legislation will allow the United States to impose higher tariffs on Russian goods and cut off a significant revenue stream for Russia, though experts have said that the oil and gas ban would be largely symbolic, The New York Times has reported.
“After its atrocities in Ukraine, Russia has no place on the UN Human Rights Council. Today, we made that clear,” President Joe Biden tweeted.
Meanwhile, China is buying Russian coal and oil with its own currency as the two countries try to maintain their energy trade. It marks the first commodities paid for in yuan since the U.S. and Europe penalized Russia over the invasion of Ukraine. Coal cargoes are expected to arrive this month, followed by crude in May, Bloomberg reported.
Noam Chomsky talks to Lawrence Krauss about Ukraine
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