U.S. President Joe Biden

U.S. President Joe Biden

U.S. President Joe Biden on Friday is expected to announce "further actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine" at the White House, TURAN's Washington correspondent reports.

The presidential speech is scheduled for 10:15 am, local time, as TURAN was informed by the White House.

Early on Thursday, U.S. media reported that Biden was planning to ratchet up the economic pressure on Russia's Vladimir Putin by calling for the end of normal trade relations with Russia.

The move, reported by local media citing administration sources, would clear the way for increased tariffs on Russian imports and comes on top of widespread sanctions and the decision this week to ban oil imports from Russia by the U.S. and UK.

Earlier in the day, the head of the International Monetary Fund Kristalina Georgieva said the organization is expected to cut its global growth estimate due to the economic damage caused by Russia’s invasion of Ukraine.

For Washington officials, Russia is moving into a deep recession with massive depreciation of the ruble and sinking purchasing power for its citizens.

This move also comes just at the time when the U.S. Congress passed a sweeping government funding bill which will provide Ukraine a massive amount of aid.

Senators on Thursday night voted 68-31 on the bipartisan funding bill, which includes $13.6 billion in aid tied to Ukraine.

"With these resources, we will be able to deliver historic support for the Ukrainian people as they defend their country and democracy, launch a bold new initiative to drive unprecedented progress in curing cancer and other diseases, and provide additional support to our law enforcement so they can protect our communities." White House Press Secretary Jen Psaki said in a statement.

Alex Raufoglu

Washington D.C.

 

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