President Biden Revokes Russia’s ‘Most Favored Nation’ Status

President Biden announced this morning that the U.S., the G7 and European Union will call for revoking most favored nation status from Russia. The President said the move would hold Russian President Putin “even more accountable for his aggression against Ukraine”. And added “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.” Revoking the status will make it harder for Russia to do business with the United States and doing it at the same time as other nations will result in a blow for Russia’s economy. The United States will also ban imports of alcohol and seafood from Russia according to the White House.