US withdraws trade preferences for Russia
The preferences were in place under the US Generalized System of Preferences for developing countries.
Barack Obama imposed the new sanctions on Wednesday, BBC reports.
“Russia is sufficiently advanced in economic development and improved in trade competitiveness that continued preferential treatment under the GSP is not warranted,” the American President said in a message to Congress.
The President’s decision will result in an increase of customs tariffs for Russian goods, the White House press secretary Jay Carney explained.
Obama’s decision on GSP benefits is particularly appropriate now due to Russia’s actions in Ukraine, spokeswoman for the National Security Council Caitlin Hayden noted.
Photo: sitv.ru
