Friday, March 11, 2022

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

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.

Among the goods that are likely to have higher tariffs for import slapped on them are uranium, rhodium, palladium, alcohol, seafood and silver bullion, as well as certain kinds of diamond and ammunition.

The decision comes in the wake of a number of anti-Russian sanctions which were imposed on Moscow by the West after the Kremlin launched a military operation in Ukraine. In early March, Canada revoked the "most favored nation" status in trade for Russia and Belarus.

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.

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