New Delhi: The US, along with the Group of Seven countries and the European Union, will revoke Russia’s “Most Favored Nation” status on Friday, following a series of sanctions imposed against Russia over its aggression in Ukraine, news agency AP reported on Friday. Quoting sources.
President Joe Biden will announce the plans in White, informed AP sources.
Read also: Russia-Ukraine conflict: Moscow retaliates against sanctions, bans export of 200 items, equipment
The report comes amid bipartisan pressure in Washington to formally rescind what it describes as “permanent normal trade relations” with Russia. Each country has to follow its own national procedures.
The development comes after Biden banned imports of Russian oil and gas products.
What is the ‘Most Favored Nation’ status that the US wants to revoke?
Revoking most favored nation status from Russia would allow the US and allies to impose tariffs on Russian imports to increase the isolation of the Russian economy.
Ukrainian President Volodymyr Zelensky over the weekend pressured the US and allies to take further action against Russia.
The White House said President Joe Biden will speak on Friday to announce “continuing actions to hold Russia accountable for the unprovoked and unjustified war on Ukraine.”
Canada last week became the first major US ally to revoke most favored nation status to Russia.
The move would put pressure on the Russian economy which is already going into a “deep recession”, according to Reuters. are supposed to.
The situation, with unprecedented sanctions including export controls and banking embargoes, is intended to pressure Russian President Vladimir Putin to end the biggest war in Europe since World War II.