https://www.cnbc.com/2022/03/11/biden-will-push-to-end-russias-most-favored-nation-trade-status.html
President Joe Biden on Friday called for the U.S. to revoke Russia’s “most favored nation” status, which would downgrade Russia as a trading partner and open the door to damaging new tariffs on Moscow over its invasion of Ukraine.
This follows several rounds of sanctions.
The wrath of Babylon has been directed at the East, first by way of Donald (duck) Trump and tariffs on the world's economic engine, China. Now, it is Joseph's turn, in directing an all-out economic war on the Russian Federation, one of the world's leaders in oil and gas output.
The first led to a supply chain crisis that has contributed to the rise of inflation which is at 8% today. The effects of the second declaration of war, well, remain to be seen.
What is beyond clear is that the US, NATO, and the EU have focused on the economic aspect of the war and that Russia has not yet responded to that declaration.
Also worth noting that from an economic perspective, China has the final say, and China has yet to make any moves.
UPDATE
https://www.foxnews.com/politics/iran-nuclear-talks-halt-new-russian-demands
FoxNews is reporting that the Russian Federation's first response to the declaration of war (economic) by the US is a demand for sanctions to be eased in order for the JCPOA (Iran Nuclear Deal) to be finalized.
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