US, allies to revoke 'most favored nation' status for Russia

President Joe Biden will announce Friday that along with the European Union and the Group of Seven countries, the U.S. will move to revoke “most favored nation” trade status for Russia over its invasion of Ukraine

WASHINGTON -- President Joe Biden will announce Friday that, along with the European Union and the Group of Seven countries, the U.S. will move to revoke “most favored nation” trade status for Russia over its invasion of Ukraine.

That's according to a source familiar with the matter who spoke on the condition of anonymity to preview the announcement. The person said each country would have to follow its own national processes. Stripping most favored nation status from Russia would allow the U.S. and allies to impose tariffs on Russian imports, increasing the isolation of the Russian economy in retaliation for the invasion.

Biden's move comes as bipartisan pressure has been building in Washington to revoke what is formally known as “permanent normal trade relations” with Russia. Ukrainian President Volodymyr Zelenskyy pressed the U.S. and allies to take the action against Russia in remarks to Congress over the weekend. It follows days after the Biden moved to ban imports of Russian oil and gas products.

Biden, after initially slow-walking congressional efforts to take the trade action against Russia, was set to embrace lawmaker efforts to do just that on Friday.