U.S. House votes to strip Russia’s most favored nation trade status

0
73


Speaker of the House Nancy Pelosi, D-Calif., conducts her weekly news conference in the Capitol Visitor Center where she addressed the Russian invasion of Ukraine on Thursday, March 17, 2022.

Tom Williams | Cq-roll Call, Inc. | Getty Images

The House voted Thursday to strip Russia of its protected trading status, passing the legislation on to the Senate in the first step allowing the U.S. to levy fresh taxes on more of its goods.

The measure has wide support in the Senate as the U.S. and its allies move to do more damage to Russia’s economy in response to Moscow’s three-week long assault on Ukraine. President Joe Biden endorsed the move last week.

Underscoring the broad support for hampering the Russian economy, the House passed the measure in a 424-8 vote.

CNBC Politics

Read more of CNBC’s politics coverage:

If the U.S. removes Russia’s “most favored nation” trade status, it would allow the country to slap fresh taxes on a range of Russian goods. The White House has worked in concert with European Union and G-7 allies, many of which have started to take their own steps toward suspending normal trade relations with Russia.

This story is developing. Please check back for updates.

Subscribe to CNBC on YouTube.

LEAVE A REPLY

Please enter your comment!
Please enter your name here