The United States is to ban imports of Russian alcohol, seafood and diamonds as part of new measures to be introduced following its invasion of Ukraine.
President Joe Biden also said the US and its allies in the G7 group of industrialised countries would revoke Russia's most favoured nation trade status. He said this would make it harder for Russia to do business with the United States.
The new ban on alcohol and seafood will hit well-known Russian goods such as caviar and vodka.
The White House said the move would "deny Russia more than $1 billion in export revenues and ensure US citizens are not underwriting [Russian leader Vladimir] Putin's war".
Speaking at the White House on Friday Mr Biden said the moves would deliver “another crushing below” to Russia, as it continues its aggression in Ukraine. He described Mr Putin as an “aggressor, the aggressor”, and said the Russian president must “pay a price”.
Mr Biden also warned that Russia would pay a severe price if it used chemical weapons in Ukraine.
As part of the additional measures announced on Friday, the US is to place additional names on the list of Russian oligarchs who will face economic sanctions. Mr Biden also said a ban on the export of luxury goods to Russia would be put in place.
The White House said this move would “ensure that US persons are not providing luxury items, such as high end-watches, luxury vehicles, high-end apparel, high-end alcohol, jewelry, and other goods frequently purchased by Russian elites”.
“ The US export value of the products covered by today’s luxury goods restrictions is nearly $550 million [€500 million] per year. The elites who sustain Putin’s war machine should no longer be able to reap the gains of this system and squander the resources of the Russian people.”
The US Congress is expected to consider legislation shortly to give effect to the change in trade status for Russia , announced by the president.
Trade between Russia and the United States was worth about $28 billion in 2019.
The White House said that as a result of economic sanctions introduced by the United States and over 30 countries against Russia, its currency the rouble was trading “at its weakest level ever and is worth less than a penny; the Russian stock market is closed for the longest time in history; the Russian government’s credit rating has been downgraded to ‘junk’ status, and we’re seeing a mass exodus from Russia by the private sector”.
