Congress recently voted in favor of suspending normal trade relations with Russia amid its invasion of Ukraine and reports of human atrocities.
“Russia will very likely lose its status as a major economy, and it will continue a long descent into economic, financial and technological isolation,” a White House report said, according to U.S. News.
The House’s decision followed the Senate's approval vote of 100-00 applying to two bills. The House’s vote represents a similar ratio, voting 420-3 in favor, and 413-9 hoping for Russian energy imports. The law will now go on to President Joe Biden for approval, U.S. News reported.
The move correlates with the president's order to ban Russian oil, liquefied natural gas and coal to the domestic territory. The approved legislation turns the idea into a law.
The bill will still make way for normal tariff conditions and trade for Russian energy products, under undisclosed subjective conditions. Tariffs relating to steel and aluminum products, however, are set to increase, U.S. News reported.
As the country joins 30 others to cut ties with the Russian economy, experts now predict a GDP increase and inflation rate of up to 15% upon the Russian economy. More than 600 private sector companies have already confirmed their departure.
Rep. Richard Neal (D-MA) emphasized the importance of acting against Ukrainian attacks.
“We have no time to waste and must immediately further punish Vladimir Putin,” Neal said, U.S. News reported. “What we have witnessed in Bucha over the course of the last 72 hours alone more than justifies the positions we have taken in the past and to be more assertive and aggressive going into the future.”