WASHINGTON — President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. is revoking its "most favored nation" trade status for Russia over its invasion of Ukraine.
President Biden said the move will hold Russian President Vladimir Putin "more accountable for his aggression against Ukraine."
Most favored nation status, or "permanent normal trade relations status" as it's known internationally, allows two countries to trade with each other under the best possible terms.
Stripping most favored nation status would allow the U.S. and allies to impose higher tariffs on some Russian imports.
The U.S. will specifically raise tariffs on seafood, vodka and diamonds from Russia.
The move will require an act of Congress.
It comes as bipartisan pressure has been building in Washington to revoke PNTR with Russia.
The president's announcement also comes after he spoke with Ukrainian President Volodymyr Zelenskyy to express his support for the Ukrainian people as they continue to defend their country against Russia’s unprovoked and unjustified attack.
Biden highlighted how the U.S. is continuing to bring security, humanitarian, and economic assistance to Ukraine.
During the Friday morning announcement, Biden said, "I will welcome Ukrainian refugees, we should welcome them with open arms."