US slashes Russia trade status and bans imports of alcohol and seafood

US President Joe Biden (Patrick Semansky/AP)

President Joe Biden has announced the US will downgrade its trade status with Russia as punishment for its invasion of Ukraine and also ban imports of Russian seafood, alcohol and diamonds.

The broad trade shift, which revokes the “most favoured nation” (MFN) status for Russia, is being taken in coordination with the European Union and Group of Seven countries.