© Reuters.
(Bloomberg) — President Joe Biden announced Friday that the U.S. is banning imports of Russian alcohol and seafood, as the White House looks to ratchet up punishment over Moscow’s invasion of Ukraine.
The move impacts just a fraction of U.S. imports, but it targets iconic Russian goods including vodka and caviar. Biden also called on lawmakers to strip the country of its preferred trading status during Friday remarks at the White House.
The U.S. imports around $24.1 million in beverages, spirits and vinegar annually from Russia. Most Russian-branded vodkas are produced in other nations, including Latvian-made Stoli, which was rebranded from Stolichnaya earlier this month in response to the Ukraine invasion.
But the U.S. imported $1.2 billion in Russian seafood last year. The Kremlin has accused the U.S. and its allies of waging economic war against Russia.
The seafood and alcohol announcement was first reported by the Wall Street Journal.
(Updates with more information on Russian vodka beginning in third paragraph)
©2022 Bloomberg L.P.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
