President Biden will announce Friday that the US, the European Union and members of the G-7 group of countries will begin removing Russia from their list of “most favored nations” for trade as Moscow’s invasion of Ukraine enters its 16th day, according to multiple reports.
Biden is scheduled to make the announcement at 10:15 a.m. from the White House as part of an effort to further isolate Russia’s economy.
Removal of most favored nation status – formally described as “permanent normal trade relations” by the US – would allow the West to impose higher tariffs on Russian imports.
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