Biden announces US will move to revoke 'most favored nation' trade status for Russia
Source: CNBC
(CNN) President Joe Biden announced Friday that the US, along with the G7 and European Union, will call for revoking "most favored nation" status for Russia, referred to as permanent normal trade relations in the US.
Biden said the move and said it would hold Russian President Vladimir Putin "even more accountable for his aggression against Ukraine."
"Each of our nations will take steps to deny 'most favored nation' status to Russia. A most favored nation status designation means two countries have agreed to trade with each other under the best possible terms -- low tariffs, few barriers to trade and the highest possible imports allowed," Biden said.
"In the United States, we call this permanent normal trade relations, PNTR, but it's the same thing. Revoking PNTR for Russia is going to make it harder for Russia to do business with the United States and doing it in unison with other nations that make up half of the global economy will be another crushing blow to the Russian economy that's already suffering very badly from our sanctions."
The move requires an act of Congress. The move was one of multiple new actions on trade expected to be made by the Biden administration toward Russia. The United States will also ban imports of alcohol and seafood, such as vodka and caviar, from Russia, a White House official told CNN.
Read more: https://www.cnn.com/2022/03/10/politics/russia-trade-status-us-g7-eu-biden/index.html
= new reply since forum marked as read
Glad Joe has taken care of this!
so this evolved when people like Gorbachev & Yeltzen were President.
By Steven Greenhouse
June 18, 1992
President Bush and President Boris N. Yeltsin flung open the door today to increased trade and investment, signing a package of commercial agreements that brush aside barricades put up during the cold war to block commerce between the United States and Russia. In a major trade development, the United States granted Russia most-favored-nation status in trade relations for the first time in more than four decades, giving it the same low tariffs that it gives other friendly nations. Other agreements signed today set liberal new rules for American investment in Russia, expand the amount of credit available for American exports to Russia and provide risk insurance for American investments there.
"Today is really a turning point in U.S.-Russian commercial relations," said Robert D. Hormats, vice chairman of Goldman Sachs International. "It puts an end to 40 years of cold-war restrictions on trade and comerce." American and Russian officials said that with today's agreements, the United States and Russia have gone far to replace their frosty commercial relations with warmer ones. Indeed, Commerce Secretary Barbara Franklin said her goal was for the United States to become Russia's largest trading partner.
The accords technically only relate to the United States and Russia. But it is expected in coming months that similar pacts will be worked out with the other former Soviet republics that want them. "There are plenty of investment opportunities all around the world where things are more settled, but I think what happened today will open the gates to investment in Russia," said Curtis L. Carlson, the Minneapolis-based billionaire whose Carlson Companies owns the Radisson Hotel chain.
Saying the agreements would help advance plans to build a hotel in St. Petersburg, Mr. Carlson was one of many executives who said they would speed up contemplated investments in Russia that had long been on hold. Economists said the agreements would give Russia more of a psychological boost than an actual economic boost over the next few months, but they said that over a year or two, the accord could mean a significant increase in bilateral trade and in American investment in Russia.
https://www.nytimes.com/1992/06/18/world/summit-in-washington-russia-is-given-most-favored-status.html
Took less than a month for Putin to destroy 30 years worth of work to bring Russia into the world society.
Thank you Mr. President! 
Congress has to do it.
The Biden administration has now announced what the position of the U.S. is, in consultation and agreement with the G7, and confirmed that other G7 countries are planning to do this. This way, you have a united front and Congress has now officially been "notified" that it's time to bring it to fruition.