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10:15ET/15:15 GMT: Biden To Announce New Russia Measures

WHITE HOUSE
10:15 ET/15:15 GMT: President Biden will deliver remarks at the White House announcing new actions in response to Russia's aggression in Ukraine. The remarks will be live here.
  • White House: 'The President announces actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.'
  • On Wednesday the House of Representative passed House Speaker Nancy Pelosi's (D-CA) Ban Russia Oil Bill by a vote of 414-17. The bill gave a congressional rubber stamp to Biden's executive ban on the Russian oil imports but it also contains a provision for reviewing 'Russia’s access to the World Trade Organization and explore how we can further diminish Russia in the global economy.'
  • Today, it is likely that Biden will announce plans to remove Russia's 'most favourable nation' status at the World Trade Organisation to remove preferential treatment associated with developing nation status. This could be followed by a raft of tariffs on Russian exports.
  • Yesterday Treasury Secretary Janet Yellen said the US is continuing to add names to the list of sanctioned 'oligarchs' so it is also possible that additional sanctions on Russian individuals could also be announced.

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