Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

U.S. senators try to avoid weeks-long delay in Russia trade measure

Published 03/29/2022, 05:20 PM
Updated 03/29/2022, 05:26 PM
© Reuters. FILE PHOTO: Sen. Ben Cardin (D-MD) speaks speaks during a hearing of the Senate Foreign Relations to examine U.S.-Russia policy, on Capitol Hill, Washington, U.S. December 7, 2021. Alex Brandon/Pool via REUTERS

By Patricia Zengerle

WASHINGTON (Reuters) - U.S. senators scrambled on Tuesday to reach a compromise to avoid further delays before passing legislation revoking "most favored" trade status for Russia and Belarus over the invasion of Ukraine, after Republican lawmakers blocked efforts to pass it quickly.

Senate Democratic Majority Leader Chuck Schumer told reporters that Democratic Senator Ben Cardin and Republican Senator Rand Paul were trying to reach a compromise that would let the measure pass quickly, rather than through "regular order," a process that could take weeks.

The bill stalled in the Senate despite lawmakers' insistence that they want to show a united front in supporting the government in Kyiv, more than a month into the Russian invasion.

Under U.S. law, Congress must approve the change in trade status.

The legislation has strong bipartisan support, having passed the House of Representatives by an overwhelming 424-8 earlier this month.

But in the Senate, it got ensnared in partisan fighting, first over Russian oil imports and more recently over abortion rights.

The measure passed by the House also reauthorizes the Global Magnitsky Human Rights Accountability Act, authored by Cardin, which allows the imposition of sanctions over human rights violations.

But the reauthorization has a slight change in wording. It now addresses "serious" human rights violations, having previously addressed "gross" ones.

© Reuters. FILE PHOTO: Sen. Ben Cardin (D-MD) speaks speaks during a hearing of the Senate Foreign Relations to examine U.S.-Russia policy, on Capitol Hill, Washington, U.S. December 7, 2021. Alex Brandon/Pool via REUTERS

The new Magnitsky language came from a 2017 executive order from former Republican President Donald Trump. But Paul argued that the new language in the bill gives too much power to a president to impose sanctions over human rights abuses, including that it could be used to sanction anyone who denied a woman access to an abortion.

Backers of the legislation dispute this.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.