US Revokes Russia's MFN Status

On Thursday, Congress voted nearly unanimously to revoke Russia's "most-favored nation" (MFN) status, paving the way for the imposition of higher tariffs assessed against products of Russian origin, including already heavily taxed steel and aluminum imports. The bill (along with a separate bill banning the import of Russian oil) will now be presented to President Biden for execution, which is expected to occur without delay.

Revocation of Russia's MFN status means that it will no longer be entitled to equal trade advantages afforded other MFN trading partners, including lower tariff rates and higher import quotas. The move only adds to the growing list of restrictions against Russia, its financial institutions, and top Russian officials. #russia #mostfavorednation #tradesanctions

UPDATE: On April 8, 2022, President Biden signed into law H.R. 7108, the “Suspending Normal Trade Relations with Russia and Belarus Act.” Effective for shipments entered or withdrawn for consumption on or after April 9, 2022, the rates of duty set forth in Column 2 of the Harmonized Tariff Schedule of the United States (HTSUS) shall apply to all products of the Russian Federation and of the Republic of Belarus.