With Ukraine under siege, Biden announces new trade sanctions to 'squeeze' Russia

President Joe Biden announced Friday that in conjunction with other G-7 nations and the EU, the U.S. will move to revoke "most favored nation" trade status for Russia.

Stepping up the economic pressure on Russian President Vladimir Putin as he continues to attack Ukraine, President Joe Biden announced Friday that in conjunction with other G-7 nations and the European Union, the U.S. will move to revoke "most favored nation" trade status for Russia.

"As Putin continues his merciless assault, the United States and allies and partners continue to work in lockstep to ramp up the economic pressures on Putin and to further isolate Russia in the global stage," Biden said from the White House. "Revoking PNTR (permanent normal trade relations) for Russia is gonna make it harder for Russia to do business with the United States."

The move to strip Russia of its favored nation status would allow the U.S. and others to impose tariffs on a wide range of Russian goods.

Biden also announced the U.S. is banning the export of luxury goods to Russia as well as banning imports of certain goods from Russia, including seafood, vodka and diamonds. He also said the G-7 is adding new names to the list of targeted oligarchs it was sanctioning.