US Congress revokes Russia’s ‘most favored nation’ status; bans oil, gas
ANKARA (AA) – The US Congress voted Thursday to revoke Russia’s “most favored nation” trade status, and banned oil and natural gas imports from Russia.
After both bills passed the Senate, they cleared the House of Representatives and are headed for President Joe Biden’s desk.
One suspends normal trade relations with Russia and Belarus and permanently authorizes the president to impose visa- and property-blocking sanctions based on violations of human rights.
The other prohibits imports of energy products from Russia.
Both passed the Senate unanimously.
Biden announced in March that the US would be working to remove the trade status but it required congressional approval, in addition to signing an executive order to ban Russian oil and natural gas imports.
The Group of Seven announced March 11 that member countries have committed to take further measures in a series of actions against the Russian economy, including denying Moscow the “most favored nation” status relating to key products.
The status allows World Trade Organization member states to receive equal trade treatment and protects them from import penalties.
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