Effort to end ‘most-favored’ trade status for Russia slowed in U.S. Senate -Breaking
[ad_1]
© Reuters. FILE PHOTO: U.S. Senate Minority Leader Chuck Schumer (D.NY) talks to journalists after the weekly Senate party policy luncheons held at Washington’s U.S. Capitol, Washington, U.S. March 22, 20,22. REUTERS/Jonathan ErnstBy Patricia Zengerle
WASHINGTON, (Reuters) – Legislation to remove Russia’s “most favored country” status in trade over Ukraine’s invasion hit a snag Wednesday at the U.S. Senate. Democrats and Republicans differed on whether the legislation should include a ban for energy imports.
Democratic Majority leader Chuck Schumer sought unanimous consent in order to swiftly approve the measure that was passed on Thursday by the House of Representatives. This bill would have Russia and Belarus lose their Permanent Normal Trade Relations (PNTR). It will allow for increased tariffs for imports from these two countries.
Schumer stated, “We need to move the House bill ASAP.”
Republican Senator Mike Crapo opposed, saying that the Senate shouldn’t pass the trade bill and not approve a ban for energy imports from Russia. This was despite the House having passed it earlier in the month.
A few Republicans are also opposed to the reauthorization the Global Magnitsky Human Rights Accountability Act. It makes it much easier to impose harsh sanctions on Russian officials in the case of human rights violations.
Democrats claimed President Joe Biden had previously issued an executive directive covering imports of energy, and that adding this would delay the passage for at least one week.
Schumer stated that he would continue to talk to solve the problem and get the legislation passed as soon as possible.
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.
[ad_2]
