World Mar 11

U.S. President Joe Biden announces actions against Russia for its war in Ukraine, at the White House in Washington
U.S. downgrades trade status with Russia, bans some imports

President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia over its invasion of Ukraine.

Economy Mar 04

FILE PHOTO: Combines harvest wheat in a field in Stavropol Region
Global trade suffers as Russia continues attacks on Ukraine

Sanctions on Russia are starting to wreak havoc on global trade, with potentially devastating consequences for energy and grain importers while also generating ripple effects across a world still struggling to overcome pandemic-induced supply chain disruptions.