US President Joe Biden will announce on Friday that the country, along with the G7 and the European Union, will ask for the revocation of Russia’s “most favored nation” status, referred to as permanent normal trade relations in the United States. USA, sources familiar with the matter told CNN.
Biden is due to speak at the White House around 12 pm (Brasilia time). The action must pass through Congress before it takes effect.
Each country is expected to implement the measure based on its own national processes. The sources took note of efforts by the US Congress to revoke Russia’s permanent normal trade relations.
THE CNN reported on Thursday that bipartisan negotiations in the Senate were taking shape to take more aggressive action on Russia’s trade status. This comes after the White House partially adopted the House-passed bill banning the import of Russian oil, natural gas and coal into the US.
The previous version of the legislation included a provision that would suspend normal, permanent trade relations for Russia and Belarus, but the White House expressed concern about this part of the bill and was then withdrawn.
The bill banning Russian energy imports that passed the House on Wednesday night also called for a review of Russia’s status at the World Trade Organization.
Senate Finance Chair Ron Wyden (D) told CNN who was talking to top tax writers in Congress and the Biden administration on the matter, as pressure grew to include more stringent provisions in the House bill when the Senate passes it — as early as next week.
Source: CNN Brasil
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