EXPLAINER: Russia is not a 'most favored nation.' What now?
ABC News
In escalating the U.S. drive to squeeze Russia’s economy, President Joe Biden has moved to revoke Moscow’s “most favored nation” trade status
WASHINGTON -- In escalating the U.S. drive to squeeze Russia's economy, President Joe Biden moved Friday, with European and other key allies, to revoke Moscow’s “most favored nation” trade status. His administration also banned imports of Russian seafood, alcohol and diamonds.
And the U.S. is cutting the flow the other way, too: It's barring the export of expensive watches, cars, clothing and other luxury American products to Russia.
Congress is expected to act swiftly to pass legislation to formalize the downgrade of Moscow's trade status. The U.S. revocation of Russia's long-standing most favored trade status is only the latest in a series of economic and financial sanctions that have been leveled against Russia in response to its brutal war against Ukraine.
By itself, the downgrade of its trade status won't have an immediate far-reaching effect on the Russian economy. But combined with the other sanctions the United States and its allies have imposed, the idea is to intensify the pressure on President Vladimir Putin and force a pullback of his Russian forces.
