<p>President Joe Biden is expected to announce on Friday that the U.S. will revoke Russia&#8217;s most favored nation status.</p>
<p>Biden&#8217;s announcement will reportedly join the Group of Seven (G7) nations and European Union, according to a Reuters <a href="https://www.reuters.com/business/biden-call-an-end-normal-trade-relations-with-russia-increased-tariffs-russian-2022-03-11/" target="_blank" rel="noopener">report</a> on Friday, reporting that comes following President Vladimir Putin invaded Ukraine.</p>
<p>&#8220;President Biden and the administration appreciate the bipartisan leadership of Congress and its calls for the revocation of PNTR [Permanent Normal Trade Relations],&#8221; an unnamed official told the outlet, noting that an act of Congress will be required to make the change official.</p>
<p>Canada was the first major Western nation to end Russia&#8217;s most favored status last week.</p>
<p>“We are working closely with our partners and allies to encourage them to take the same step,” Canadian Deputy Prime Minister Chrystia Freeland announced last week, <a href="https://www.politico.com/news/2022/03/03/canada-strips-russia-belarus-trade-status-00013758" target="_blank" rel="noopener">according to</a> Politico.</p>
<p>The Canadian change also hinted the U.S. and other nations could soon follow.</p>
<p>“USTR is considering a range of options, and working with members of Congress, to advance a resolute, effective, and united global response to Putin’s premeditated, unprovoked, and unjustified attack on Ukraine,” a spokesperson also told the outlet.</p>
<p>The decision follows sweeping sanctions by the U.S. and other nations in recent days as Russia has continued its invasion of Ukraine. Biden also announced on Tuesday a U.S. ban on importing<strong> </strong>Russian oil and natural gas, declaring that he is “targeting the main artery of Russia’s economy.”</p>
<p class="gnt_ar_b_p">“Russian oil will no longer be accepted at U.S. ports,” the president <a href="https://www.dailywire.com/news/biden-announces-ban-on-russian-oil-imports-in-bid-to-hold-putin-accountable" target="_blank" rel="noopener">said</a> in remarks at the White House. “We will not be part of subsidizing Putin’s war.”</p>
<p class="gnt_ar_b_p">The president said his decision comes after consulting with European allies, although he said some are not able to join the U.S. in banning Russian oil. Still, the European Commission (E.U.) said it plans to reduce imports of Russian energy by two-thirds, even though it gets 40% of it from Russia.</p>
<p>The United Kingdom has also banned the import of Russian oil over the invasion of Ukraine, though a ban on Russian gas was not included.</p>
<p>More than two million Ukrainians have fled their nation since Russia&#8217;s armed military invasion two weeks ago, including more than one million children. Despite multiple meetings between Russian and Ukrainian leaders, Russia has yet to call for a ceasefire.</p>
<p>On Thursday, Russia responded to sanctions imposed by announcing an export ban on more than 200 types of foreign-made items. The Daily Wire <a href="https://www.dailywire.com/news/russia-tries-to-counter-western-sanctions-with-bans-on-key-exports" target="_blank" rel="noopener">reported</a>:</p>
<blockquote><p><em>The ban will run until at least the end of 2022, and will apply to products and other equipment that were previously imported into Russia.</em></p>
<p><em>“The list includes technological, communication and medical equipment, vehicles, agricultural machinery and electrical equipment — more than 200 types of goods in total,” said an <a href="https://www.barrons.com/news/russia-bans-export-of-some-products-equipment-after-sanctions-01646916308?refsec=afp-news">order</a> signed by Russian Prime Minister Mikhail Mishustin. “This measure is necessary to provide stability on the Russian market.”</em></p>
<p><em>According to <a href="https://www.reuters.com/business/russia-suspends-exports-tech-telecoms-medical-auto-agricultural-equipment-until-2022-03-10/">Reuters</a>, banned items include “telecom, medical, auto, agricultural, electrical and tech equipment, as well as some forestry products.”</em></p>
<p><em>“These measures are a logical response to those imposed against Russia and are aimed at ensuring uninterrupted functioning of key sectors of the economy,” Russia’s economy ministry said.</em></p></blockquote>

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Biden To Announce Future Of Russia’s ‘Most Favored Nation’ Status