US president to announce new sanctions against Russia on Friday

WASHINGTON/BEIJING/BRUSSELS, Mar 11 (PRIME) -- U.S. President Joe Biden will announce new measures against Russia over the military operation in Ukraine on Friday at 6:15 p.m. Moscow time, the White House said in a statement.

According to a source cited by Reuters, Biden can suggest terminating normal trade relations with Russia and raising tariffs on Russian imports.

The E.U. leaders said after a summit in Versailles that the countries are ready to increase the sanctions pressure on Russia and Belarus. "We are determined to increase even further our pressure on Russia and Belarus. We have adopted significant sanctions and remain ready to move quickly with further sanctions," the statement read.

However, Hungary's Prime Minister Viktor Orban told newspaper hirado.hu that no sanctions would be imposed on the Russian oil and gas sector.

Head of the International Monetary Fund Kristalina Georgieva told CNBC that Russia's default due to the sanctions is not ruled out.

China's Premier of the State Council Li Keqiang said that sanctions against Russia will affect recovery of the global economy and damage everyone. China will be developing relations with all sides on the basis of mutual respect and benefit, he added.

Russia's Deputy Foreign Minister Alexander Pankin said that Moscow is preparing retaliation in real time and thoughtfully.

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