President Joe Biden on Friday called for suspending normal trade relations with Russia and said the US would ban imports of seafood, vodka and diamonds from the nation as part of an effort to ramp up economic pressure on Russia for invading Ukraine.
Biden said the US, along with the G7 and European Union, will call for revoking “most favored nation” status for Russia, referred to as permanent normal trade relations in the US. The status means two nations have agreed to trade under the best possible terms, which can include lower tariffs, fewer barriers to trade and high imports, Biden said.
The move requires approval from Congress and legislation is expected to be introduced following Biden’s announcement.
“Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that’s already suffering very badly from our sanctions,” Biden said.