The US House of Representatives voted 424-8 in favour of removing the “most favoured nation” trade status from Russia and Belarus.
The next step is to gain the US Senate’s approval. Simultaneously, several G7 democracies are showing similar efforts to strip the countries’ status from the World Trade Organisation (WTO).
Once this movement is accepted, the tariffs on Russia and Belarus products will face non-WTO rates. President Biden has announced his intention to charge higher tariffs on products from both Russia and Belarus.
In 2020, the largest imports from Russia not linked to oil and energy were palladium, rhodium, fertilisers, plywood and unwrought aluminium alloys, according data from the World Bank.
The US Senate identifies Putin as a war criminal and is focused on removing the trade status for Russia to enable total economic freeze out from the global economy.
With increased tensions across Ukraine, the international community is united in its efforts to stop the war.