AFP, Washington: President Joe Biden is to announce Friday that along with the European Union and the G7 the United States will call to revoke Russia’s “most favored nation” trade status over its invasion of Ukraine, according to reports.
Individual countries are expected to implement the measure based on their national processes, CNN reported, and it requires an act of Congress in the US.
Most favored nation (MFN) is an international trade status accorded by one state to another, and means the country which is the recipient must nominally receive equal trade advantages.
CNN reported that sources familiar with the matter said there had already been congressional efforts to revoke Russia’s MFN status, called permanent normal trade relations in the US.
Biden’s schedule for Friday says he will “announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”
The CNN report said the president will make the announcement on Friday, and Congress is then expected to introduce legislation.
Lawmakers on Thursday passed a huge spending bill, including almost $14 billion in humanitarian and military aid to war-torn Ukraine, as its invasion by Russia entered its third week.
More than doubling from an initial $6.4 billion last week, the $13.6 billion relief includes aid for refugees, supplying weapons and supporting NATO allies in eastern Europe.