US denial of Russian 'most favoured nation' status hits snag

2022 03 23


US CONGRESSIONAL moves to end "most favoured nation" trade relations with Russia hit a stumbling block over the procedures for re-establishing relations in future, reports Bloomberg.

Republicans and Democrats are at odds over how much power President Joe Biden should have to re-instate Russia's "most-favoured-nation" status and what Russia would have to do to regain that standing.

President Biden last week announced the US, along with other G-7 and European Union countries, would revoke the status in response to the invasion of Ukraine, putting Russia in the same category as other pariah states including North Korea and Cuba.

Doing so in the US requires legislation. But what had been anticipated to be a quick response by Congress has been set back by disagreements over details.

Removal of the status will enable the United States to impose higher tariffs on Russian goods, and other actions. Complicating the talks is that this could also adversely affect the US economy.

Lawmakers are still discussing the parameters for what Russia would need to do for the US to consider restoring normal trade relations and how much say the White House and Congress would each have in determining if Russia has met those requirements, according to a lawmaker involved in the talks.

Source Shipping Gazette

 

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