President Biden announces a Ban on U.S. Imports of Russian Oil and Gas, March 8, 2022. The announcement tightens unprecedented Economic Sanctions punishing Moscow over its Invasion of Ukraine.
President Biden will announce Friday that the U.S., along with the G7 and European Union, will call for Revoking "Most Favored Nation" status for Russia, referred to as Permanent Normal Trade Relations (PNTR) in the U,S. The move requires an Act of Congress. Each Country is expected to Implement this Measure based on its own National processes.
Senate Finance Chairman Ron Wyden (D-OR), said that he was engaging in talks with the Top Tax writers in Congress and the Biden Administration about the matter, as pressure grew to include Tougher Language in the House Bill when the Senate takes it up, as soon as next week.
"I believe the Russians -- the inhumane behavior of Russia does not justify it to get the fruits of the international community," Wyden said.
Sen. Mike Crapo (R-ID), an Idaho Republican and the Ranking Republican on the Finance Committee, said he probably wouldn't support the House Bill without Stronger Language on its Trade Status, and made clear there would be an effort to Amend it.
"The question is PNTR, which is absent. And then they had some other stuff on the WTO in there, which is kind of hollow if we don't do PNTR," Crapo said earlier in the day. "So, I probably would not support it because it doesn't have the key things that you need for a proper trade response."
NYC Wins When Everyone Can Vote! Michael H. Drucker
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