President Joe BidenThe U.S. will demand that Russia be removed from its status as “most favored country”, a move which could result in Moscow being subject to harmful new tariffs.

According to a top administration official, Biden will make the announcement at 10:15 a.m. during White House remarks.

Both the European Union (EU) and Group of Seven countries will take this step simultaneously, through multiple outlets reported. Canada has already removed Russia from its most-favored nation status.

Congress should act immediately to remove Russia from the World Trade Organization’s trade list. The majority of bipartisan legislators support non-military sanctions against Russia. Some have even called for the revocation of Moscow’s WTO membership. 

Senator. Rob Portman (R-Ohio) said during Thursday’s Foreign Relations Committee hearing.

This week, the House overwhelmingly supported legislation to require the U.S. Trade Rep. To suspend Russia’s membership in the WTO.

Biden’s statement will be the latest step by the U.S. along with dozens other countries in their unprecedented effort to undermine Russia’s economy and isolate it as a result of President Vladimir Putin’s invasion and occupation of Ukraine.

Volodymyr Zelenskyy, President of Ukraine, was interviewed at a bunker in Kyiv, as Russian forces near the city. directly asked CongressOver the weekend, Russia will revoke its most-favored nation status.

Biden signed this week an executive order intended to ban Russian oil imports. While the U.S. and NATO have placed sanctions against Russian businesses, their elite oligarchs, and Putin himself, a growing number of corporations are pulling out of Russia.

The Congress and the Biden administration will have the power to tax any Russian exports to America if Russia’s trade status is removed.

According to the Office of the U.S. trade representative, Russia was the 26th largest trading partner of the U.S. in 2019. In 2021, Russian exports totaled $29 Billion to the U.S. The majority of these were oil and gas products.