US Senate Unanimously Votes To Strip Russia Of Normal Trade Status

Text: On Thursday morning, the US Senate unanimously agreed to revoke Russia’s “Most-Favored Nation” trade status by a vote of 100-0, as well as to suspend Russian energy imports, including oil, according to foreign news roundup on April 7th. As mentioned in reports, following the Russian invasion of Ukraine, western nations have imposed a large number of economic sanctions on the Moscow authorities, and US President Biden had earlier urged Congress to act sooner to end Russia’s trade status.

For now, the US official announcement to revoke the Russian “Most-Favored Nation” trade status will strike a heavy blow to the Putin regime’s economy. The bill passed by the Senate reportedly targets other totalitarian countries as well, including Belarus, North Korea, and Cuba,meaning these countries face economic barriers from the United States and its allies when trying to gain full access to the global market.

Moreover, the bill empowers the United States to levy large tariff increases on goods from Russia and Belarus, as well as impose possible fines on some goods. The Biden administration is currently seeking to prevent Russia’s borrowing privileges from the World Bank and International Monetary Fund.