Thu, 25 Apr 2024

 

US president Biden hits Russia with export restrictions
 
By: Cletus Sunday Ilobanafor
Thu, 24 Feb 2022   ||   United States,
 

Joe  Biden administration announced sweeping export restrictions against Russia on Thursday.
The sanction hammers Russia’s access to global exports of everything from commercial electronics and computers to semiconductors and aircraft parts.
The controls, announced by the Commerce Department rely on a dramatic expansion of the so-called Foreign Direct Product rule.
Under the rules, companies making high and low tech items overseas with U.S. tools must seek a licence from the United States before shipping to Russia.
The rules also instruct the Commerce Department to deny almost all of those licence requests.
Biden remained steadfast on Thursday that sanctions will have an effect on Russian aggression after the country attacked Ukraine.
“It will weaken his country. He’ll have to make a very, very difficult choice of whether to continue to move toward being a second-rate power or, in fact, respond,” Biden said.
“If we don’t move against him now with these significant sanctions, he will be emboldened,” Biden later said.

 

 

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