The U.S., along G7 members from Canada, France, Germany, Italy, Japan, and the U.K. as well as the European Union, announced that it will take the necessary steps to revoke Russia’s Most-Favored-Nation status in solidarity against Russia’s invasion of Ukraine.
Other measures announced by the White House against Russia include:
• Banning export of luxury goods to Russia. • Banning U.S. import of goods from several signature sectors of Russia’s economy- including seafood, spirits/vodka, and non-industrial diamonds. • Denying borrowing privileges at multilateral financial institutions. • Full blocking sanctions on additional Russian elites and their family members. • New guidance by the Treasury Department to thwart sanctions evasion, including through virtual currency. • Create the authority to ban new investment in any sector of the Russian economy.
As noted in the Journal of Commerce:
The president can’t unilaterally remove what’s known as “permanent normal trade relations” status for Russia because that authority lies with Congress. House Speaker Nancy Pelosi said the House would consider legislation next week to revoke the designation, a move that has support from both Democratic and Republican lawmakers. Biden’s signature on the bill would clear the way for increased import tariffs, and Russia would join Cuba and North Korea as the only countries in the world without preferential trade status in the U.S.