Biden To Revoke Russia’s “Most Favored Nation” Trade Status

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President Joe Biden opened a new attack on Russia’s economy on Friday over its invasion of Ukraine, joining with allies to hit Moscow on trade and shut down development funds, and announcing a ban on imports of Russian seafood, vodka and diamonds, reports Reuters.

Another crushing blow

Biden, locked in a test of wills with Russian President Vladimir Putin, said the moves collectively will deliver “another crushing blow” to Russia’s economy, already weighed down by global sanctions that have cratered the rouble and forced the stock market to close.

Putin is an aggressor. Putin is the aggressor. And Putin must pay a price,” said Biden, who earlier spoke by phone to Ukraine President Volodymyr Zelenskiy.

Joining fellow Group of Seven leaders, Biden called for revoking Russia’s “most favored nation” trade status, which would allow G7 nations to increase tariffs and set quotas on Russian products.

G7 isolates Russia from global economy 

The U.S. Congress would need to pass legislation to revoke the trade status, and lawmakers recently have been moving in that direction.

We remain resolved to isolate Russia further from our economies and the international financial system,” the G7 said in a statement. Trade made up about 46% of Russia’s economy in 2020, much of that linked to energy exports that European nations depend on for heat and electricity, making it unclear how deeply these moves will impact Russia’s economy.

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Source: Reuters

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