Biden: US, NATO Allies to Revoke Russia's 'Most Favored Nation' Trade Status

US President Joe Biden announced on Friday that America, along with the European Union and G7 countries, will boot Russia off the list of so-called "most favored nations" for trade.

"As Putin continues his merciless assault, the United States and allies and partners continue to work in lockstep to ramp up the economic pressures on Putin and to further isolate Russia in the global stage," Biden said. "Revoking PNTR [permanent normal trade relations] for Russia is going to make it harder for Russia to do business with the United States."

The American president said that the US and G7 partners will ensure that Russia cannot obtain financing from the International Monetary Fund (IMF) and World Bank.

He also noted that the US authorities will be allowed to ban future investments in any sector of the Russian economy. According to the US president, the sanctions that have already been imposed on Moscow are "crushing" the Russian economy - and there are more to come......
..........Biden also pledged to continue the push to penalise wealthy Russians with close ties to Putin, saying that the US and its allies are going after their assets.

“We’re also going to make it harder for them to buy high end products manufactured in our countries; we’re banning the export of luxury goods to Russia,” the US president told reporters.
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*Countries that have the "most favored nation" status are required to treat each other equally. About 180 countries have this status; among those which don't are Cuba and North Korea.
@EL ETOS UT