Ukraine war: US and allies to revoke Russia’s preferred trade status as Putin vows to emerge stronger from sanctions
- Revoking ‘most favoured nation’ trade status is meant to punish Russia for invading Ukraine
- President Vladimir Putin says Russia will emerge stronger, sanctions will rebound on West
US President Joe Biden will call on Friday for an end to normal trade relations with Russia over its invasion of Ukraine, clearing the way for increased tariffs on Russian imports, five people familiar with the situation told Reuters.
Biden will make an announcement along with the European Union and the Group of Seven countries, Associated Press and Bloomberg reported. Each country would have to follow its own national processes, the reports said.
Stripping most favoured nation status from Russia marks the latest escalation by the West to pressure President Vladimir Putin to end the largest war in Europe since World War II.
But Putin, facing global condemnation and increasingly isolated, said on Thursday that sanctions imposed against Russia would rebound against the West, including in the form of higher food and energy prices, and Moscow would solve its problems and emerge stronger.
“In the end, this will all lead to an increase in our independence, self-sufficiency and our sovereignty,” Putin told a televised government meeting.
His comments were designed to portray Western sanctions as self-defeating and reassure Russians that the country can withstand what Moscow is calling an “economic war” against its banks, businesses and business oligarchs.