US to seek to revoke ‘Most Favored Nation’ status for Russia

(Trends Wide) — President Joe Biden will announce on Friday that the United States, along with the G7 and the European Union, will call for Russia’s “most favored nation” status to be revoked, referring to permanent normal trade relations in the US, they said. Trends Wide sources familiar with the measure.

The measure requires an act of Congress.

Each country is expected to implement this measure based on their own national processes. The sources took note of efforts by Congress to revoke Russia’s permanent normal trade relations.

Biden will make the announcement on Friday and Congress is expected to introduce legislation.

Trends Wide reported Thursday that bipartisan talks in the Senate had been taking shape to pursue more aggressive measures on Russia’s trade status, after the White House effectively watered down the House-passed bill banning the import of Russian oil, natural gas and coal to the US

The previous version of the legislation included a provision that would permanently suspend normal trade relations with Russia and Belarus. But the White House raised concerns about that part of the bill, and it was eventually killed. The bill banning Russian energy imports that passed the House on Wednesday night simply called for a review of Russia’s status in the World Trade Organization.

Senate Finance Chairman Ron Wyden, an Oregon Democrat, told Trends Wide he was in talks with top tax writers in Congress and the Biden administration on the matter, as pressure grew to include a tougher language on the House bill when the Senate takes it up, as early as next week.

“I think the Russians … Russia’s inhumane behavior doesn’t justify getting the fruits of the international community,” Wyden told Trends Wide.

Sen. Mike Crapo, a Republican from Idaho and the ranking Republican on the Finance Committee, said he probably wouldn’t support the House bill without stronger language on its business status, and made it clear he would. an effort to fix it.

“The question is the PNTR (for permanent normal trade relations), which is absent. And then they had some other things about the WTO there, which is a bit hollow if we don’t do the PNTR,” Crapo said earlier in the day. “So I probably wouldn’t support it because it doesn’t have the key things you need for a proper business response.”