US President Joe Biden has signed the bill that suspends permanent normal trade relations with Russia. The US leader announced a ban on Russian energy imports. In addition, the US Congress passed the Suspending Normal Trade Relations with Russia and Belarus Act and the Ending Importation of Russian Oil Act. Both bills were put on the table and President Biden signed them in early April. The latter one will result in a rise in the tariff rates the US currently applies to imports from Russia and Belarus. After the law enters into force, Russian energy resources may flood into the domestic market and prices for gasoline and other oil products may decline.
