The Senate voted unanimously on Thursday to revoke Russia’s “most-favored-nation” trade status, an economic downgrade that opens the door to new damaging tariffs on Moscow over its invasion of Ukraine.

In a vote of 100-0, the chamber approved this measure.

Now, the House is moving to approve the bill. This formality will allow for import restrictions on certain key commodities like steel, chemical, platinum and chemicals. In fact, the U.S. had already broken off its normal trade relationships with Moscow. ban importsOil vodka, diamonds and seafoodLast month, Russia

Senate Majority leader Chuck Schumer, D.N.Y. said Wednesday that formally revoking Russia’s normal trade relations was the best thing the Senate could do. “It will land another major blow to Putin’s economy.” It’s an essential part of any strategy to hold Putin responsible for the savage attack on innocent civilians.

This status, which is most preferred nation status, ensures that every member of the World Trade Organization gets equal trade treatment from all other members. Additionally it grants immunity from various import penalties to each of its designees.

Rep. StenyHoyer (D-Md.) stated earlier that Thursday’s House Majority Leader said the chamber would consider the Senate legislation after its passage.

If the House passes the Senate version, the bill would be sent to President Joe Biden for him to sign into law. The Congress will also be expected to fulfill a promise Biden made by passing legislation banning the import of Russian energy to the United States.

Clete Wilems is a partner in law firm Akin Gump, and a former U.S. attorney for the WTO.

This is the lowest that any other WTO member gets. [tariff]He said that the average rate is 2.8%. Non-MFN products have an average of 20%. This legislation will alter the tariff treatment for all those products.

Numerous nations including the Group of Seven pledge to stop the West’s economic relationships with Russia. Meanwhile, the U.S., its allies, and other countries open investigation into the possible war crimes committed in Ukraine.

U.S., its allies and other countries have tried to restrict the Kremlin’s access to international financing institutions like the International Monetary Fund or the World Bank. In tandem, the Treasury Department (Federal Reserve) have worked to stop Russia’s use of currencies other that the ruble. Additionally they targeted Russian president Vladimir Putin’s families with sanctions.

According to the Biden administration, the penalties combined are intended to deflate the ruble and ruin Russia’s stock market. They also aim at reducing Moscow’s economic growth over the long-term. These moves are designed to challenge Putin’s authority.

In order to stop Russia’s economy, the U.S. and its allies have worked together.

On Thursday, European Union diplomats will approve an embargo against Russian coal. The timing of the phase-in period was still up for debate — especially between Poland and Germany — as of Thursday morning ET.

Russia’s most significant export market is EU. Its members bought 40% of Moscow’s goods during 2019.

Russia’s recent unprovoked invasion of Ukraine has prompted the latest economic sanctions.

NATO foreign ministers and G-7 officials met on Thursday with Ukraine’s Foreign Ministry Dmytro Kuleba. They asked Western partners to provide “weapons weapons weapons”

The U.S. House approved Wednesday night legislation accusing the Russian military of engaging in a series of illegal acts, including intentional targeting civilians.