Washington (AFP) – President Joe Biden will announce Friday that the United States, along with the European Union and the Group of Seven, will move to revoke Russia’s “most favored nation” trade status over its invasion of Ukraine.
This is according to a source familiar with the matter who spoke on condition of anonymity to preview the ad. The person said that each country should follow its own national processes. Stripping Russia of most-favoured-nation status would allow the United States and its allies to impose tariffs on Russian imports, further isolating the Russian economy in response to the invasion.
Biden’s move comes as pressure grows from bipartisanship in Washington to cancel what is officially known as “permanent normal trade relations” with Russia. Ukrainian President Volodymyr Zelensky pressed the United States and its allies to take action against Russia in remarks to Congress over the weekend. It comes days after Biden moved to ban imports of Russian oil and gas products.
Biden, after Congress’ initially slow efforts to take trade action against Russia, was set to embrace lawmakers’ efforts to do so on Friday.
The White House said Biden will speak Friday morning to announce “measures to continue to hold Russia accountable for its unjustified and unjustified war on Ukraine.”
On Monday, Democrats on the House of Representatives Powerful Ways and Means Committee published, and then deleted, an advertisement for a bipartisan bill to ban imports of Russian oil and impose more trade sanctions on the country, according to an aide, due to White House opposition against it. Act before Biden coordinates with allies and reaches a decision on both issues. On Wednesday, the House of Representatives voted on a narrower bill to ban Russian energy imports after Biden imposed the ban with an executive order.
Canada was the first major ally of the United States to remove Russia’s MFN status last week.
Biden’s action was first reported by Bloomberg News.