US President Joe Biden on Friday said the United States will revoke Russia's "permanent normal trade relations" status to punish Moscow over its invasion of Ukraine.
The change will lead to restrictions on a wide range of exports to Russia from the United States, and imports from Russia.
Biden signed an executive order banning the export from the United States to Russia of items including high end-watches, luxury vehicles, high-end apparel, high-end alcohol, jewelry, and other goods frequently purchased by wealthy Russians.
The US export value of the products covered by these restrictions is nearly $550 million per year, the White House said.
The rule, which also bans the same exports to Belarus, takes effect when released in the Federal Register on Friday, the Commerce Department said. Ban US import of some high profile products from Russia:
This includes seafood, spirits/vodka, and non-industrial diamonds. The White House said this could disrupt more than $1 billion in export revenues for Russia.
The White House said the US could impose additional import bans "as appropriate" in the future.
The White House also announced a ban on any new investment in any sector of the Russian economy by Americans.
The White House also prohibited the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States, or by a United States person of US dollar-denominated banknotes to the Russian government or any person located in Russia.
