Biden to revoke Russia’s ‘Favored Nation’ status
(KYMA, KECY/ CNN) - The U.S. along with the G7 and European Union are calling to revoke Russia's permanent normal trade relations.
President Joe Biden plans to make the announcement to revoke the country's “most favored nation” status today, with the move requiring an act of congress.
The measures will be based on each country's national processes.
Bipartisan talks in the Senate have been taking shape to take more aggressive action on Russia's trade status.
It comes after the White House effectively watered down the house-passed bill banning the import of Russian oil, natural gas and coal into the U.S.
An earlier version included a provision that would suspend permanent normal trade relations
