U.S. House votes to strip Russia’s most favored nation trade status, moving bill to Senate

U.S. House votes to strip Russia’s most favored nation trade status, moving bill to Senate


Speaker of the House Nancy Pelosi, D-Calif., conducts her weekly news conference in the Capitol Visitor Center where she addressed the Russian invasion of Ukraine on Thursday, March 17, 2022.

Tom Williams | Cq-roll Call, Inc. | Getty Images

The House voted Thursday to strip Russia of its protected trading status, passing the legislation on to the Senate in the first step allowing the U.S. to levy fresh taxes on more of its goods.

The measure has wide support in the Senate as the U.S. and its allies move to do more damage to Russia’s economy in response to Moscow’s three-week long assault on Ukraine. President Joe Biden endorsed the move last week.

Underscoring the broad support for hampering the Russian economy, the House passed the measure in a 424-8 vote. The bill would also strip most favored nation status for Belarus, a close ally of Russia.

CNBC Politics

Read more of CNBC’s politics coverage:

If the U.S. removes Russia’s “most favored nation” trade status, it would allow the country to slap fresh taxes on a range of Russian goods. The White House has worked in concert with European Union and G-7 allies, many of which have started to take their own steps toward suspending normal trade relations with Russia.

The U.S. has tried to punish the Russian economy through a range of sanctions and bans on imports of products such as oil, liquor and seafood.

The Biden administration has tried to both hamstring Russia’s economy and offer defense assistance to Ukraine in its attempts to deter the invasion. Russia’s military has assaulted Ukrainian cities for three weeks, and civilian deaths have mounted as President Vladimir Putin’s forces try to encircle Ukraine’s capital of Kyiv.

Subscribe to CNBC on YouTube.



Source

China’s Xiaomi undercuts Tesla with yet another cheaper car
World

China’s Xiaomi undercuts Tesla with yet another cheaper car

People check out an electric SUV Xiaomi YU7 at a Xiaomi Store in Hangzhou in east China’s Zhejiang province Thursday, June 26, 2025. Feature China | Future Publishing | Getty Images BEIJING — Chinese smartphone company Xiaomi is taking aim straight at rival Tesla with a new electric SUV. Xiaomi’s luxury YU7 SUV will start […]

Read More
CNBC’s Inside India newsletter: Iran-Israel war sparks fresh interest in India’s defense sector
World

CNBC’s Inside India newsletter: Iran-Israel war sparks fresh interest in India’s defense sector

Hello, this is Ganesh Rao, writing from London. This week, I look into how the Israel-Iran conflict was a reminder of India’s vulnerabilities — and the opportunities emerging from the crisis. The Indian Army’s Brahmos missile system takes part Rehearsal in full swing ahead of the Republic Day Parade 2025, at Kartavya Path on January […]

Read More
Serena Williams shares the No.1 value her parents taught her that led to her success
World

Serena Williams shares the No.1 value her parents taught her that led to her success

Serena Williams, former professional tennis player and Managing Partner of Serena Ventures, speaks during the New York Times annual DealBook summit at Jazz at Lincoln Center on December 04, 2024 in New York City.  Michael M. Santiago | Getty Images Tennis legend Serena Williams shared the most important value her parents imparted that fostered her […]

Read More