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Ukraine war

Biden, G-7 move to revoke Russia's favored-nation trade status

White House also bans Russian seafood, alcohol and diamonds

Biden urged Congress to join its allies by ending normal trade relations with Russia, which could lead to higher tariffs on Russian goods.    © Reuters

WASHINGTON (Reuters) -- President Joe Biden opened a new attack on Russia's economy on Friday over its invasion of Ukraine, joining with allies to hit Moscow on trade and shut down development funds, and announcing a ban on imports of Russian seafood, vodka and diamonds.

Biden, locked in a test of wills with Russian President Vladimir Putin, said the moves collectively will deliver "another crushing blow" to Russia's economy, already weighed down by global sanctions that have cratered the rouble and forced the stock market to close.

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