Ukraine crisis: US will move to revoke Russia’s ‘most favored nation’ trade status, says Biden

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Washington (US): Amid Russia’s ongoing military operations in Ukraine, US President Joe Biden on Friday said that the US, along with the G7 and European Union, will call for revoking the “most favoured nation” status for Russia, referred to as permanent normal trade relations in the US.

The move would hold Russian President Vladimir Putin “even more accountable for his aggression against Ukraine,” Biden noted, CNN reported.

“Each of our nations will take steps to deny ‘most favored nation’ status to Russia. A most favoured nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest possible imports allowed,” Biden said.

Further explaining the move, he added, “In the United States, we call this permanent normal trade relations, PNTR, but it’s the same thing. Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that’s already suffering very badly from our sanctions.”

Russian forces launched military operations in Ukraine on February 24, three days after Moscow recognized Ukraine’s breakaway regions, Donetsk and Luhansk as independent republics followed by the announcement of a “special military operation” to “demilitarize” and “denazify” Ukraine.

first published:March 11, 2022, 9:37 p.m.

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