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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."

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.