The executive order prohibits “the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a US person, wherever located, of US dollar-denominated banknotes to the Government of the Russian Federation or any person located in the Russian Federation.”
Plus, the bans include restrictions on fish, non-industrial diamonds, alcoholic beverages, seafood and luxury item imports from Moscow, according to a White House statement.
The new order also creates a precedent for future restrictions on investment in any sector of the Russian economy by a US citizen, whether or not he lives within the borders.
Earlier on Friday, Joe Biden announced that his country, the European Union (EU) and G-7 member nations will withdraw Russia’s “most favored nation” trade status.
Downgrading will deny Moscow the benefits of World Trade Organization (WTO) membership and allow the West to impose higher tariffs on imports from Russia.
In line with it, the EU announced a fourth package of sanctions against Russia, which could include its withdrawal from the International Monetary Fund (IMF) and the World Bank.