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US, G7 allies aim to strip Russia of 'most favored nation' status: Report

Stripping Russia of its favored nation status paves the way for the United States and its allies to impose tariffs on a wide range of Russian goods.

A man is silhouetted on a screen depicting Russia's President Vladimir Putin, during a rally against Russia's invasion of Ukraine, in Athens, Greece, Tuesday, March 1, 2022. (AP Photo/Thanassis Stavrakis)
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A man is silhouetted on a screen depicting Russia's President Vladimir Putin, during a rally against Russia's invasion of Ukraine, in Athens, Greece, Tuesday, March 1, 2022. (AP Photo/Thanassis Stavrakis)

Reuters Washington
The United States, together with the Group of Seven nations and the European Union, will move on Friday to revoke Russia's "most favored nation" status over its invasion of Ukraine, multiple people familiar with the situation told Reuters.

President Joe Biden will announce the plans at the White House at 10:15 a.m. EST (1515 GMT), said one of the sources, speaking on condition of anonymity. The White House said Biden would announce "actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine", but gave no details.

Russia calls its actions in Ukraine a "special operation". 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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