March 11, 2022

US Joins G7 to revoke Russia's most-favored-nation status

Russia's Most-Favored-Nation status is revoked by the G7

This morning, the U.S., along G7 members from Canada, France, Germany, Italy, Japan, and the U.K. as well as the European Union, announced that it will take the necessary steps to revoke Russia’s Most-Favored-Nation status in solidarity against Russia’s invasion of Ukraine.

The White House also announced the below measures against Russia in an attempt to increase pressure on Putin and build upon the economic sanctions already imposed by the US and 30 countries.

  • Banning export of luxury goods to Russia. 
  • Banning U.S. import of goods from several signature sectors of Russia’s economy- including seafood, spirits/vodka, and non-industrial diamonds.
  • Denying borrowing privileges at multilateral financial institutions.
  • Full blocking sanctions on additional Russian elites and their family members.
  • New guidance by the Treasury Department to thwart sanctions evasion, including through virtual currency.
  • Create the authority to ban new investment in any sector of the Russian economy.

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