US President Joe Biden | File image
Amid the ongoing invasions of Russia on Ukraine, the United States (US) President Joe Biden announced on Friday that the US, along with the G7 and European Union, will call for revoking "most favoured nation" status for Russia.
Biden said, "Each of our nations will take steps to deny 'most favoured nation' status to Russia. The move would hold Russian President Vladimir Putin ‘even more accountable’ for his aggression against Ukraine.”
A most favoured nation status designation means two countries have agreed to trade with each other under the best possible terms including low tariffs, few barriers to trade and the highest possible imports allowed.
Biden also said that it would ban imports of seafood, vodka and diamonds from the nation as part of an effort to ramp up economic pressure on Russia for invading Ukraine.
Further, Biden warned that Russia will pay a "severe price" if the country uses chemical weapons in Ukraine.
Explaining what the move means, the President said, "In the United States, we call this Permanent Normal Trade Relations (PNTR) but it's the same thing. Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that's already suffering very badly from our sanctions."
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