The abolition of this status will clear the way for a significant increase in tariffs on Russian imports.

photo REUTERS

US President Joe Biden will announce that the United States, along with the G7 countries and the European Union, will seek the abolition of the status of “permanent normal trade relations” for Russia.

Each country is expected to move in this direction based on its own legislative processes .

“Removing ‘permanent normal trade relations’ status for Russia would require congressional approval,” an unnamed senior White House official quoted Reuters as saying. “But lawmakers in both houses have expressed support for the move.

It is expected that after Biden’s announcement, the relevant bill regarding Russia and Belarus will be presented in Congress.

According to media reports, the abolition of the status will clear the way for a significant increase in tariffs on Russian imports.

At the same time, lawmakers can give President Biden the right to restore normal trade relations with both countries if they meet certain conditions.

(C)UNIAN 2022