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How revoking Russia’s “most favored nation” trade status would affect its economy - YouTube
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in ukraine officials are accusing
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russian forces of bombing a psychiatric
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facility in the eastern part of the
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country
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no one was hurt but the world health
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organization says this is part of a
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shocking trend it has confirmed that
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russian forces have hit at least 30
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medical facilities and since the war
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broke out about two weeks ago this
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includes a facility in marapal earlier
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this week ukrainian forces are looking
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to prevent further destruction across
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the country russian troops are pushing
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forward on several key ukrainian cities
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including kharkiv maria poll and the
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capital kiev president biden announced
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new sanctions today he is calling on
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congress to end all trade preferences
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for russia the president says the
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russian economy has been downgraded to
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junk status and the u.s will continue to
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tighten its grip on the kremlin's power
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several of the us's european allies are
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expected to follow suit cbs news natalie
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brand has more
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president biden is calling on congress
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to repeal permanent normal trade
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relations with russia putin is an
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aggressor he is the aggressor and putin
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must pay the price this is a coordinated
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move with the european union and g7
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countries also taking that step it will
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allow all of the nations to put new
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tariffs on russian goods hurting their
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exports doing it in unison with other
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nations
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to make up half of the global economy
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will be another crushing blow to the
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russian economy it's already suffering
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very badly from our sanctions russian
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president vladimir putin is issuing new
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threats that russia may seize the assets
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of american companies that have
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suspended operations in the country
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white house press secretary jensocki
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tweeted that would ultimately result in
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even more economic pain for russia
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congress has passed nearly 14 billion
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dollars in additional assistance for
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ukraine with overwhelming bipartisan
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support but there is a divide between
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the administration and a group of
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lawmakers over ukrainian president
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zielinski's request for fighter jets he
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has asked us for aircraft specifically
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migs
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we need to get in those migs dozens of
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gop lawmakers sent a letter to the
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president imploring him to expedite the
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transfer of aircraft and air defense
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systems through nato partners such as
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poland but the administration opposes
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the plan calling it a high risk move
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moscow could well see the provision of
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this type
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of
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asset
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as escalatory in what could be an
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attempt to cut off ukraine's flow of
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weapons russian forces have expanded
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their attacks on western areas of the
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country and they are now about 10 miles
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from the center of the capital city of
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kiev natalie brandt cbs news the white
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house cbs news senior white house and
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political correspondent ed o'keefe joins
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us now for more on this ed thanks for
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joining us
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what makes these new sanctions different
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from what the u.s had previously imposed
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on russia and how does the white house
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think this is going to impact what's
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going on there on the ground in ukraine
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it's a good question omar nikki good to
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see you as well happy friday
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ultimately what this is really just
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designed to do is make it nearly
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impossible for americans to buy russian
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goods
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for russians who can afford high-end
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american goods items manufactured here
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to buy them and make use of them
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anywhere in the world preferred or
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normal trade relations status
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basically makes it seamless between uh
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in business conducted between the united
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states and other countries russia
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obviously for a long time since the end
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of the soviet union had that distinction
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and it made doing business in that
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country for american firms that much
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easier by stripping that away and by
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watching g7 and eu countries do the same
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it further cripples the russian economy
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u.s officials say will make it
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impossible for those who are darn near
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impossible for those around the russian
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president the oligarchs who influence
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him or near him to sort of continue
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living the way they've lived and
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and then ultimately squeeze the russian
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economy even more as he noted the ruble
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is worthless the russian stock market
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has been closed this is designed to
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inflict even more economic pain on
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what's left of the russian economy
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ed as you know president biden did not
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speak about u.s intelligence behind the
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assessment that russia could be using
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chemical weapons in ukraine however he
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did say that russia would pay a quote
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severe price if that was true what more
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do we know about this we don't know much
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more in fact reporters traveling with
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the president were asking age just a few
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minutes ago in a briefing and asked just
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that question nikki and we got the same
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answer which is we don't have anything
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for you on that quite yet but it should
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be pretty clear what he means here's the
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thing severe consequences or a severe
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price up to now has meant the economic
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pain that's being inflicted through
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these sanctions
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is there much more of that to be done
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you know if you've if you've sanctioned
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directly some of the wealthiest most
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influential people in the russian
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economy and now the russian economy at
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large that's unclear but repeatedly
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throughout the week on questions of
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chemical weapons on the allegations of
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war crimes or the evidence thereof um
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in ukraine
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when asked what is the united states
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going to do would it commit troops would
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it commit fighter jets is it going to
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take that step that poland had talked
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about in sending migs
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into ukraine the answer continues to be
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absolutely not u.s men and women in
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uniform will not be committed to this
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conflict because to do that would be to
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escalate it to such a degree that would
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essentially spark world war iii if the
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political will is there in the coming
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weeks and months obviously that changes
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the calculation but for now that remains
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the strategy of the united states and
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its european allies that no bigger
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military engagement if something uh you
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know more were to happen but again what
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severe price is
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and how much more severe the economic
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pain could be is unclear and i think
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that's really unfortunately where this
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is headed next is you know if this
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continues in russia or in ukraine what
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more could be done to stop it
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and that's an answer we don't have yet
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always so much to unpack and you always
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do it for us at o'keefe thank you take
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care
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