New Delhi, Mar 11 (IANS): US President Joe Biden has said that the American side, together with the G7 and the European Union, will abolish the most favoured nation treatment in trade with Russia.

"Each of our countries will take measures to deny Russia the most favoured nation status, which means that the two countries have agreed to trade with each other on the best possible terms," Ria Novosti quoted him as saying, RT reported.

The United States has banned imports from Russia of goods from its "characteristic sectors of the economy", including the import of seafood, alcohol, including vodka, and non-industrial diamonds. This was announced by the White House following President Joe Biden's speech on new anti-Russian measures.

"This will deprive Russia of more than $1 billion in export earnings," the Biden administration said in a statement.

The White House added that the US retains the right to impose additional import bans "as needed".

The statement also claimed that the G7 member countries have agreed to deprive Russia of access to financing through international organisations, including through the IMF and the World Bank.