U.S. to lift Russia's 'most favored nation' trade status, ban Russian alcohol, seafood

President Biden on Friday called for an end to Russia's "most favored nation" trade status, and said the European Union and G7 nations will be doing the same, CNBC reports.

Revoking the "most favored nation" status would "downgrade Russia as a trading partner and open the door to damaging new tariffs on Moscow over its invasion of Ukraine," CNBC explains.

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Brigid Kennedy

Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.