Biden Announces Ban On Imports Of Russian Vodka, Seafood, And Diamonds, Moves To Revoke Favored Nation Status

“Most Favored Nation gives all countries with the status equal trade advantages, such as paying lower tariffs,” she added. “By stripping this, tariffs on Russian imports would rise — at a time when Russia’s economy is already in free fall.”

Most Favored Nation gives all countries with the status equal trade advantages, such as paying lower tariffs.

By stripping this, tariffs on Russian imports would rise — at a time when Russia’s economy is already in free fall.

— Sara Cook (@saraecook) March 11, 2022

Biden announced that the G7 nations along with the European Union will coordinate their efforts to hamstring Putin and the economic strength and morale of Russia.

“Each of our nations will take steps to deny ‘most favored nation’ status to Russia. A most favored nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest possible imports allowed,” Biden said.

“In the United States, we call this permanent normal trade relations, PNTR, but it’s the same thing,” he added. “Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that’s already suffering very badly from our sanctions.”

The move requires approval from Congress, but as reported by CNN, it is expected that a bipartisan group of elected officials will approve the measure. Biden also added that he asked Speaker of the House Nancy Pelosi to hold off on official legislation until he can officially secure agreements with other nations on the move.