U.S. plans to revoke Russia favored trade status as White House warns Putin may seize companies' assets

President Biden will announce Friday that the U.S., the European Union and the G7 countries will move to revoke Russia's "most favored nation" trade status over its invasion of Ukraine, a source familiar with the matter told The Associated Press.

Mr. Biden's move comes as lawmakers on both sides of the aisle have called on him to revoke what is formally known as "permanent normal trade relations" with Russia. It would allow the U.S. and allies to impose tariffs on Russian imports.

Meanwhile, on Thursday night, White House press secretary Jen Psaki tweeted that the Biden administration is receiving reports that "Russia may be considering seizing the assets of U.S. and international companies that have announced plans to suspend operations in Russia or to withdraw from the Russian market."