President Joe Biden will announce on Friday that the US will revoke the coveted most favored nation trade status for Russia over its invasion of Ukraine. The decision will echo today’s moves by the European Union and the Group of Seven countries, all of which have extensive trade ties with Russia at present as well.
Reuters and the Associated Press say that a source familiar with the matter who spoke on the condition of anonymity confirms that the momentous decision will be made to pull the plug on Russia’s trade status.
The revocation of the status could not take effect without legislation passed in Congress; however, sources tell Reuters that there already is widespread support for the move.
Russia most favored nation status revocation only latest economic blow after invasion
In the two weeks of the invasion, pressure has been building on the US to revoke what is formally called “permanent normal trade relations” with Russia as punishment for its brutal incursion into the country.