US, G7 Allies To Revoke Russia's "Most Favored Nation" Status: Reuters

The U.S., along with the Group of Seven nations and the European Union, will move to revoke Russia's "most favored nation" status over its invasion of Ukraine, Reuters reported, citing multiple people familiar with the situation stated.

U.S. President Joe Biden will announce the plans at the White House at 10:15 a.m. EST on Friday, March 11, the report cited an unidentified source.

This move of denying Russia its favored nation status will allow the U.S. and its allies to impose tariffs on many Russian goods.

In the U.S., removing Russia's "Permanent Normal Trade Relations" (PNTR) status will require an act of Congress. The report noted that lawmakers have already signaled their support, citing two officials.

IMF has stated that unprecedented sanctions have led to an abrupt contraction of the Russian economy, moving into a deep recession.