Russia’s “most favoured country” trading status is anticipated to be revoked by the United States, the European Union, and the Group of Seven nations in response to its invasion of Ukraine.
According to media sources, US President Joe Biden will make the announcement at 10:15 a.m. EST (15:15 p.m. UK time).
According to World Trade Organization principles, “most favoured nation” nations cannot be discriminated against or have their access to markets restricted.
The move will open the way for tariffs on Russian goods to be applied, on top of the rising economic restrictions.
Earlier in the day, White House press secretary Jen Psaki reacted angrily to news that Moscow may confiscate the assets of corporations that have ceased operations in Russia.