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

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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.

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.

The move would allow the U.S. and allies to impose tariffs on Russian imports.