Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

U.S. Congress votes to strip Russia of ‘most favored’ trade status, ban its oil

by Staff GBAF Publications Ltd
0 comment

By Patricia Zengerle

WASHINGTON (Reuters) – The U.S. Congress voted to impose further economic pain on Russia over the invasion of Ukraine on Thursday, passing one measure to remove its “most favored nation” trade status and another to ban oil imports.

The Senate voted 100-0 in favor of the measure removing Permanent Normal Trade Relations (PNTR) status for both Russia and its close ally Belarus. Shortly afterward, it backed the energy measure, also by a 100-0 tally.

Senate approval sent the legislation to the House of Representatives, which quickly passed the trade measure by 420 to 3, and the energy legislation by 413 to 9. President Joe Biden was expected to sign both bills into law.

The trade bill clears the way for Biden’s administration to raise tariffs on imports from Russia and Belarus. The energy measure puts into law Biden’s previous executive order banning imports of Russian oil, natural gas and coal.

“This package is about bringing every tool of economic pressure to bear on (Russian President) Vladimir Putin and his oligarch cronies. Putin’s Russia does not deserve to be a part of the economic order that has existed since the end of World War Two,” Senator Ron Wyden, chairman of the Senate Finance Committee, said in a statement.

The House passed both bills earlier this year, but they stalled in the Senate as Republicans and Democrats argued over when to vote on the energy measure and wording of a provision in the trade bill reauthorizing the Magnitsky Act, which allows sanctions over human rights violations.

U.S. law mandates that Congress must approve the change in Russia and Belarus’ trade status.

Under a compromise forged late on Wednesday senators agreed to consider both the trade measure and the energy bill. The House had to approve amendments to both measures because of technical changes made in the Senate.

Russia calls the assault on Ukraine a “special military operation.”

 

(Reporting by Patricia Zengerle; Editing by Chris Gallagher and Howard Goller)