Biden: US, G7 ban Russia from borrowing from World Bank, IMF

WASHINGTON, Mar 11 (PRIME) -- The U.S. and the other G7 states will prohibit Russia from borrowing from multinational institutions, including the World Bank and the International Monetary Fund due to its actions in Ukraine, U.S. President Joe Biden said during his address to the nation on Friday.

He added that the U.S., the G7 and the E.U. will soon revoke Russia’s most-favored-nation status in the World Trade Organization. 

Biden also said that the U.S. will suspend imports of alcoholic drinks, diamonds, and seafood from Russia as well as exports of luxury goods, and supply of U.S. dollar banknotes to the state.

The White House said in a statement that the U.S. will also impose blocking sanctions against the deputies of the State Duma, Russian parliament’s lower house, the heads of the previously sanctioned banks, and will restrict new investment in any Russian industry.

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