Biden Announces Revocation of Russia’s ‘Most Favored Nation’ Status

US President Joe Biden has announced that the country will withdraw Russia’s “most favored nation” status, which will alter normal trade relations between the countries.

The statement was made in a statement at the White House this Friday (11).

According to Biden, this was done in agreement with other G7 and NATO countries. This paves the way for the imposition of tariffs on a wide range of Russian goods, increasing pressure on the country’s economy after the invasion of Ukraine.

“We cannot let autocrats and their cronies dictate the direction of the world. The democracies rose and came together at this time,” he said.

THE CNN reported on Thursday that bipartisan negotiations in the Senate were taking shape to take more aggressive action on Russia’s trade status. This comes after the White House partially adopted the House-passed bill banning the import of Russian oil, natural gas and coal into the US.

The previous version of the legislation included a provision that would suspend normal, permanent trade relations for Russia and Belarus, but the White House expressed concern about this part of the bill and was then withdrawn.

The bill banning Russian energy imports that passed the House on Wednesday night also called for a review of Russia’s status at the World Trade Organization.

Senate Finance Chair Ron Wyden (D) told CNN who was talking to top tax writers in Congress and the Biden administration on the matter, as pressure grew to include more stringent provisions in the House bill when the Senate passes it — as early as next week.

*in update

Source: CNN Brasil

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