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"There will be costs at home as we impose crippling sanctions in response to Putin's unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing."Earlier this week, Biden also shrugged off responsibility for the surging prices at US gas pumps, insisting he "can't do much" about the skyrocketing cost of fuel because Putin had given him no choice but to ban the import of Russian oil and gas.
"Supplies of Russian oil, say, to the American market do not exceed 3%. This is a negligible amount. And their prices are growing. We have absolutely nothing to do with it. They just hide behind these decisions in order to deceive once again their own population."
[Biden] announced that Washington would also be introducing a ban on imports of alcohol, diamonds, and seafood from the country.Back in the U.S. consumer prices have risen higher than they have since 1982.
According to Biden, the move will hold Russian President Vladimir Putin "even more accountable for his aggression against Ukraine."
"Each of our nations will take steps to deny 'most favored nation' status to Russia. A most favored nation status designation means two countries have agreed to trade with each other under the best possible terms: low tariffs, few barriers to trade, and the highest possible imports allowed," the US leader said.
"In the United States, we call this permanent normal trade relations, PNTR, but it's the same thing. Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States, and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that's already suffering very badly from our sanctions."
Biden said further restrictions on Russia would follow, and that Congress would swiftly be implementing new legislation. The European Union and the G7 nations would be taking the same steps, he said, and Canada revoked Russia's 'most favored nation' status last week. Meanwhile, the G7 has agreed to deprive Russia of access to financing through international organizations, including the IMF, the White House announced.
Comment: Deflection is standard US policy: Cause without responsibility; blame without justification.