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Wednesday, October 5, 2022

US Will Revoke Russia’s ‘Most Favored Nation’ Status

PoliticsUS Will Revoke Russia's 'Most Favored Nation' Status

World (Times of Ocean)- CNN hears President Biden will announce Friday that the US, along with the G7 and the EU, will call for revoking Russia’s “most favored nation” status, otherwise known as permanent normal trade relations.

An act of Congress is needed for the move.

It is expected that each country will implement this measure in accordance with its own processes. Sources noted that Congress was working to revoke Russia’s permanent normal trade relations.

Biden is expected to make the announcement on Friday, after which Congress is expected to introduce legislation.

The White House effectively watered down the House-passed bill banning the import of Russian oil, natural gas, and coal into the US after the Senate held bipartisan talks earlier Thursday.

Earlier versions of the legislation included a provision that would suspend permanent normal trade relations between Russia and Belarus. The White House expressed concerns about that part of the bill, and ultimately it was excised. Instead of banning Russian energy imports, the bill passed by the House Wednesday night called for a review of Russia’s status in the World Trade Organization.

Senator Ron Wyden, a Democrat from Oregon, told CNN he was in talks with top tax writers in Congress and with the Biden administration about the matter, as pressure grew to include tougher language in the House bill when the Senate takes it up next week.

“I believe the Russians — the inhumane behavior of Russia does not justify it to get the fruits of the international community,” Wyden told CNN.

Sen. Mike Crapo of Idaho, the ranking Republican on the Finance Committee, said he probably would not support the House bill without stronger language on its trade status — and made clear that he would endeavor to amend it.

“The question is PNTR, which is absent. And then they had some other stuff on the WTO in there, which is kind of hollow if we don’t do PNTR,” Crapo said earlier in the day. “So, I probably would not support it because it doesn’t have the key things that you need for a proper trade response.”

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