Also banning imports of Russian goods.
President Biden announced Friday that the U.S., European Union and G7 countries are moving to revoke Russia’s “most favored nation” trade status over its invasion of Ukraine. The U.S. is also taking steps to ban the import of Russian seafood, diamonds, and vodka, he said. Earlier in the week, the president announced a U.S. ban on Russian oil and gas imports, targeting “the main artery of Russia’s economy.”
“Each of our nations is going to take steps to deny most favored nation status to Russia,” President Biden announced. “A most-favored-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.” He added, “The free world is coming together to confront Putin.”
The G7 released a statement announcing the multi-nation move, saying they are “united in our determination to hold President Putin and his regime accountable for this unjustified and unprovoked war that has already isolated Russia in the world.”
Removing most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy.
“Putin is an aggressor. He is the aggressor. And Putin must pay the price,” President Biden said. “He cannot pursue a war that threatens the very foundations… of international peace and stability.”
As the Lord Leads, Pray with Us…
- For the president and G7 leaders to seek the Lord’s direction as they place restrictions upon Russia.
- For the Commerce and Treasury secretaries as they implement the president’s import and export bans.
- For the people of Russia and Ukraine as they go through the hardships and suffering surrounding the invasion.
Sources: CBS News, Fox News, Newsmax
