The House on Thursday passed a bill to suspend normal trade relations with Russia and Belarus in response to Vladimir Putin’s unprovoked attack on Ukraine.
Why it matters: The bill would raise tariffs on goods from Russia and Belarus and give President Biden power to impose even stricter import taxes on their exports.
Get market news worthy of your time with Axios Markets. Subscribe for free.
-
Lawmakers voted 424-8 in favor of the bill. It now heads to the Senate.
-
Biden announced his support for the measure last week.
The big picture: Russia’s economy is already suffering from economic sanctions, with the International Monetary Fund predicting that it will fall into a “deep recession” this year.
What to watch: Senate Majority Leader Chuck Schumer said on Thursday he will work quickly to move the bill through the Senate.
-
“Both parties remain united in sending Putin a clear message: His inhumane violence against the Ukrainian people will come at a crippling price and today’s step by the House is another way we’re making that come true,” Schumer said.
-
“When the House passes this bill, I expect it will have broad bipartisan support here in the Senate and I will work with my colleagues to find a way to move it through this chamber quickly.”
Go deeper: The latest on the Russia-Ukraine crisis
Like this article? Get more from Axios and subscribe to Axios Markets for free.