US House Passes Bill to Strip Russia of 'Most-Favored-Nation' Status with 424 Votes in Favor
[Asia Economy New York=Special Correspondent Joselgina] On the 17th (local time), the U.S. House of Representatives overwhelmingly passed a bill to revoke the Most Favored Nation (MFN) status from Russia and Belarus, who invaded Ukraine.
According to CNBC and others, the House passed the bill in the afternoon session with 424 votes in favor and 8 against. After passing the Senate and being signed by U.S. President Joe Biden, Russia and Belarus will lose their MFN status in trade with the United States.
This is part of economic sanctions against Russia for invading Ukraine. Revoking MFN status provides grounds to impose high tariffs on products from the affected countries.
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Earlier, President Biden announced plans to end Russia’s Permanent Normal Trade Relations (PNTR) and revoke its MFN status, in coordination with the Group of Seven (G7) and North Atlantic Treaty Organization (NATO) member countries. He also announced a ban on imports of Russian vodka, seafood, and other products.
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