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.
"We're going to continue to stand together with our allies in Europe and send [an] unmistakable message," Biden said, per Axios. "We'll defend every single inch of NATO territory of the full might of the united and galvanized NATO."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Ultimately, the decision will require approval from Congress, though the president is unlikely to encounter resistance. Ukrainian President Volodymyr Zelensky had also asked Congress over the weekend to move to revoke Russia's trade status, per CNBC.
The U.S. will also ban imports of alcohol, seafood, and diamonds from Russia, Biden said, per CNN and The Associated Press.
The status downgrade arrives in the wake of a slew of global sanctions against Russia, as well as Biden's decision earlier in the week to ban the import of Russian oil. Congress also on Thursday night passed a $1.5 trillion government funding bill that includes $13.6 billion in aid to Ukraine.
In response to a question from a reporter, Biden later ended his brief presser by warning Russia would pay a "severe price" if it conducted a chemical weapons attack in Ukraine.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
Today's political cartoons - November 2, 2024
Cartoons Saturday's cartoons - anti-fascism, early voter turnout, and more
By The Week US Published
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
What happens if Russia declares war on Nato?
Today's Big Question Fears are growing after Vladimir Putin's 'unusually specific warning' to Western governments
By Chas Newkey-Burden, The Week UK Published
-
Missile escalation: will long-range rockets make a difference to Ukraine?
Today's Big Question Kyiv is hoping for permission to use US missiles to strike deep into Russian territory
By Richard Windsor, The Week UK Published
-
Atesh: the Ukrainian partisans taking on Russia
Under The Radar Underground resistance fighters are risking their lives to defend their country
By Elizabeth Carr-Ellis, The Week UK Published
-
'Second only to a nuclear bomb' – the controversial arms Russia is using in Ukraine
The Explainer Thermobaric bombs 'capable of vaporising human bodies' have been used against Ukraine
By Chas Newkey-Burden, The Week UK Published
-
The peaceful archipelago that may take up arms
Under The Radar Russia's invasion of Ukraine has left the Åland Islands 'peculiarly vulnerable'
By Chas Newkey-Burden, The Week UK Published
-
What can Ukraine gain from Russia incursion?
Today's Big Question Gamble to boost morale, improve negotiating position and show the West it can still win is 'paying off – for now'
By Elliott Goat, The Week UK Published
-
Who would fight Europe's war against Russia?
Today's Big Question Western armies are struggling to recruit and retain soldiers amid fears Moscow's war in Ukraine may spread across Europe
By Abby Wilson Published
-
How Russia trains its deep undercover spies
The Explainer Moscow's elite 'illegal' sleeper agents pose as foreigners and live under false identities known as 'legends', often for decades
By Harriet Marsden, The Week UK Published