US Senate revokes Russia’s 'most favored nation' trade status

By Ovunc Kutlu

ANKARA (AA) - The US Senate voted unanimously Thursday to revoke Russia’s "most favored nation" trade status in a major blow to Moscow amid its war with Ukraine.

The move will put import limits on Russian products such as iron, steel and platinum after President Joe Biden last month signed an executive order to ban Russian oil and natural gas imports.

The chamber also passed a legislation to ban imports of oil, gas, coal and other energy products from Russia.

"Formally revoking normal trade relations with Russia is precisely the right thing for the Senate to do, because it will land another huge blow to Putin’s economy. It’s a key part of any strategy for holding Putin accountable for his savage attacks on innocent civilians," Senate Majority Leader Schumer said Wednesday.

The bills now move to the House of Representatives.

Biden announced in March that the US would be working to remove the trade status but it required congressional approval.

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.