Keith Chu (202) 224-4515
Wyden Introduces “No Most Favored Nation Trading With Russia Act” In Response to Putin’s Unprovoked Invasion of Ukraine
Washington, D.C.— Senate Finance Committee Chair Ron Wyden, D-Ore., introduced the No Most Favored Nation Trading with Russia Act today, in response to Vladimir Putin’s continued, unprovoked invasion of Ukraine. The bill revokes Russia’s Permanent Normal Trade Relations (PNTR) status and provides the president the power to raise tariffs on a host of Russian products.
The United States has provided permanent normal trade relations to Russia since 2012, just after that nation joined the World Trade Organization. That status allows Russian goods to be sold in the United States with much lower tariffs than goods from nations without PNTR status.
“Putin’s unjustified, unprovoked and appalling invasion of Ukraine shows he doesn’t believe international laws apply to Russia. You don’t get to do that and still benefit from normal trade relations,” Wyden said. “I urge my colleagues to set partisanship aside and quickly revoke Russia’s most-favored-nation trade status to send a clear message to Putin that the invasion of Ukraine will have devastating consequences for his regime.”
The bill is similar to legislation introduced by Reps. Earl Blumenauer, D-Ore., and Lloyd Doggett, D-Texas in the House.
See the full bill text here.
Wyden outlined additional steps he is considering through the Senate Finance Committee to respond to Russia’s invasion, yesterday.
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