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U.S., G7 allies to move to strip Russia of 'most favored nation' status - sources

Published Mar 10, 2022 10:23PM ET Updated Mar 11, 2022 02:50PM ET
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2/2 © Reuters. FILE PHOTO: U.S. President Joe Biden holds a virtual meeting with business leaders and state governors to discuss supply chain problems, particularly addressing semiconductor chips, on the White House campus in Washington, U.S., March 9, 2022. REUTERS/Jon 2/2

By Steve Holland and Andrea Shalal

WASHINGTON (Reuters) - The United States, together with the Group of Seven nations and the European Union, will move on Friday to revoke Russia's "most favored nation" status over its invasion of Ukraine, multiple people familiar with the situation told Reuters.

President Joe Biden will announce the plans at the White House at 10:15 a.m. EST (1515 GMT), said one of the sources, speaking on condition of anonymity.

The White House said Biden would announce "actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine", but gave no details.

Russia calls its actions in Ukraine a "special operation".

Stripping Russia of its favored nation status paves the way for the United States and its allies to impose tariffs on a wide range of Russian goods, which would further ratchet up pressure on an economy that is already heading into a "deep recession."

The coordinated moves by Washington, London and other allies come on top of a raft of unprecedented sanctions, export controls and banking restrictions aimed at pressuring Russian President Vladimir Putin to end the largest war in Europe since World War Two.

Each country must implement the change in Russia's trading status based on its own national processes, two of the people said.

In the United States, removing Russia's "Permanent Normal Trade Relations" (PNTR) status will require an act of Congress, but lawmakers in both houses - and on both sides of the political aisle - have already signalled their support, two officials said.

"President Biden and the administration appreciate the bipartisan leadership of Congress and its calls for the revocation of PNTR," one of the officials said, adding that the White House would work with lawmakers on legislation to revoke Russia's status.

Unprecedented, sweeping sanctions slapped on Russia's banks and elites, along with export controls on a raft of technologies, have already caused the Russian economy to crater, and the International Monetary Fund is now predicting that it will plunge into a "deep recession" this year.

In 2019, Russia was the 26th largest goods trading partner of the United States, with some $28 billion exchanged between the two countries, according to the U.S. Trade Representative's office.

Top imports from Russia included mineral fuels, precious metal and stone, iron and steel, fertilizers and inorganic chemicals, all goods that could face higher tariffs once Congress acts to revoke Russia's favored nation trade status.

Biden on Tuesday had imposed an immediate ban on Russian oil and energy imports.

Some U.S. governors have already ordered government-run liquor stores to stop selling Russian-made vodka and distilled spirits in solidarity with the Ukrainian people.

U.S., G7 allies to move to strip Russia of 'most favored nation' status - sources
 

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Comments (10)
Elezabeth Thomas
Elezabeth Thomas Mar 16, 2022 6:27AM ET
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Wow! What action!
Yankee Steve
Yankee Steve Mar 11, 2022 4:59PM ET
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We say we are against nazis and fascists. Why are we supporting them? Dont believe me? What is the Azov battalion? This are the trouble-makers for years within. ukraine even before the Russian invasion
Benjamin USA
Benjamin USA Mar 11, 2022 4:59PM ET
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Hi Vlad, how is westher in russia?
Yankee Steve
Yankee Steve Mar 11, 2022 4:56PM ET
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Putin did not do that. The West did that. The West poke the bear. How did we respond when Russia want to put missile in Cuba? JFK send in the whole Navy fleets. So, if Mexico decided to cool up with Russia and they out missile into Mexico, we are okay with it? I think not
Benjamin USA
Benjamin USA Mar 11, 2022 4:56PM ET
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Wverything is west fault 😭😭😭 big mean europe!!! Russia is so innocent!! 🥺🥺🥺🥺
Ac Tektrader
Ac Tektrader Mar 11, 2022 3:19PM ET
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well Russian putin voters, I hope you're proud of the economic and moral state putin has put your country in.l
azim miechal
azim miechal Mar 11, 2022 3:01PM ET
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putin tells peace in progress....biden ban trade... biden wants putin aggression...its just like biden telling i want you to attack ukraine
First Last
First Last Mar 11, 2022 3:01PM ET
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Biden is such a puppet master and Putin is such a puppet!  (Since Trump is Putin's puppet, that makes Trump a ...)
Benjamin USA
Benjamin USA Mar 11, 2022 3:01PM ET
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PutinCuckholdBot4.0
Charles Barnes
Charles Barnes Mar 10, 2022 11:35PM ET
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Pooty is suffering from short guy syndrome. He is a menance to reason.
Keith Wilson
Keith Wilson Mar 10, 2022 11:34PM ET
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Well Biden voters, I hope you're proud the state your potus has put this country in.
Charles Barnes
Charles Barnes Mar 10, 2022 11:34PM ET
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Ang orange fatty was better? Oh please.
Tre Hsi
Tre Hsi Mar 10, 2022 11:34PM ET
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and what exactly were you doing when Biden warned you repeatedly about the russian invasion in the last 3 months?
Ac Tektrader
Ac Tektrader Mar 10, 2022 11:34PM ET
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the state of America is stronger biden has lead the world with actions that will crush the Russian economy , I think Russian, you had better worry about the economic distruction that you helped bring on Russia , with your support of the Russian psychopath Putin.
Ac Tektrader
Ac Tektrader Mar 10, 2022 11:34PM ET
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well Russian putin voters I hope your proud of the economic and moral state putin has put your country in.l
First Last
First Last Mar 10, 2022 11:34PM ET
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Biden : Churchhill :: Trump : Chamberlain
Keith Wilson
Keith Wilson Mar 10, 2022 11:32PM ET
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A man with a death wish will do anything, and I mean ANYTHING.
Bill Smith
Bill Smith Mar 10, 2022 11:32PM ET
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Hopefully the richest Russians who are paying the highest price for putins ignorance and arrogance will find a fast way to to insure that his face will never be seen again
Benjamin USA
Benjamin USA Mar 10, 2022 10:46PM ET
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Let putin choke on it
Paul Sutton
paulsmith007 Mar 10, 2022 10:34PM ET
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Good! We need to force a regime change with Putin. Then charge him for war crimes.
Paul Sutton
paulsmith007 Mar 10, 2022 10:34PM ET
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 You must be a Russian bot. How about shelling civilians trying to escape. How about bombing children's cancer hospitals, maternity wards, etc etc. All because Putin is insecure about his manhood.
 
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