Congress votes to revoke Russia's trade status, ban Russian gas and oil

Russia Vladimir Putin
Posted at 9:18 AM, Apr 07, 2022

WASHINGTON, D.C. — The Senate and House have passed a bill to revoke Russia’s permanent normal trade relations status.

President Joe Biden called for the move in March.

The European Union and the Group of Seven (G7) countries have already moved forward in stripping Russia of its "most favored nation" trade status over its invasion of Ukraine.

Most favored nation status, or "permanent normal trade relations status" as it's known internationally, allows two countries to trade with each other under the best possible terms.

Stripping Russia of its most favored nation status would allow the U.S. and allies to impose higher tariffs on some Russian imports, including gold.

The Biden administration already banned imports of Russian oil, vodka, diamonds and seafood last month.

Congress also approved a bill to ban imports of oil and gas from Russia.

The two bills will now head to President Biden’s desk for his signature.

Thursday’s vote comes as the EU works to approve an embargo on Russian coal.

EU member countries purchased 40% of Russia’s traded goods in 2019, according to CNBC.