March 11, 2022

President Joe Biden on Friday called for the U.S. to revoke Russia’s “most favored nation” status, which would downgrade Russia as a trading partner and open the door to damaging new tariffs on Moscow over its invasion of Ukraine.

The European Union and the Group of Seven nations are expected to take the same steps, Biden said. Canada already removed Russia’s most favored nation status last week.

Biden signed an executive order Friday banning the import of Russian seafood, non-industrial diamonds and liquor to the United States.

Read more:

https://www.cnbc.com/2022/03/11/biden-will-push-to-end-russias-most-favored-nation-trade-status.html