Biden: Revoke Russia’s “Favored Nation” Trade Status

CNN reports:

President Joe Biden announced Friday that the US, along with the G7 and European Union, will call for revoking “most favored nation” status for Russia, referred to as permanent normal trade relations in the US. Biden said the move and said it would hold Russian President Vladimir Putin “even more accountable for his aggression against Ukraine.”

“Each of our nations will take steps to deny ‘most favored nation’ status to Russia. A most favored nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest possible imports allowed,” Biden said. The move requires an act of Congress.

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JUST IN: President Biden says the US, along with the G7 and European Union, will move toward revoking “most favored nation” trade status for Russia https://t.co/KZcdXF0yyh

— CNN Politics (@CNNPolitics) March 11, 2022

JUST IN: Pres. Biden says U.S. and allies are taking steps to deny most favored nation status to Russia, calling it “another crushing blow to the Russian economy that’s already suffering very badly from our sanctions.” https://t.co/EPUvsRMUrD pic.twitter.com/zJIM1AZEn3

— ABC News (@ABC) March 11, 2022