On 11 March 2022, President Joseph Biden issued an Executive Order (EO) on Prohibiting Certain Imports, Exports, and New Investment with Respect to Continued Russian Federation Aggression. In conjunction with this EO, the White House also released a Fact Sheet that announced coordinated actions with the European Union (EU) and the Group of 7 nations (G7) that would revoke Russia’s most-favored nation (MFN) trade status and deny it borrowing privileges at multilateral financial institutions. The revocation of Russia’s MFN benefits under the World Trade Organization (WTO) framework requires Congressional action, specifically directed towards revoking Permanent Normal Trade Relations (PNTR) for Russia.
Source EY
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