Crapo, Wyden Introduce Bill to Respond to Russia’s Invasion of Ukraine
Legislation will suspend normal trade relations, ban import of oil and energy products
Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and Finance Committee Chairman Ron Wyden (D-Oregon) introduced legislation (S.3786) to ban the import of energy products from Russia, and to suspend normal trade relations with both Russia and Belarus. The legislation reflects the agreement reached by the top Senate Finance Committee and House Ways and Means Committee leaders earlier this week.
“This bipartisan legislation would terminate Russia’s permanent normal trading status, press World Trade Organization (WTO) Members to take similar action, provide a mechanism to increase tariffs on Russia even further, and apply a ban on a broader scope of energy products,” said Crapo. “Critically, the legislation explicitly provides that the ban would continue until Russia ceases its aggression, stops threatening our NATO allies and partners, and recognizes a free and independent Ukraine, including with respect to the ability of its people to choose their own government. Importantly, the legislation provides Congress the ability to overturn any attempt to lift the ban.”
- Bans imports of Russian energy products, such as oil, gas and coal, except for products imported within 45 days of enactment.
- Suspends Russia’s Permanent Normal Trade Relations (PNTR) status, and revokes the current waiver Belarus uses to get most favorable nation (MFN) status.
- Provides the President with authority to restore normal trade relations with Russia and Belarus subject to certain conditions and congressional disapproval.
- Allows the President to restore prior tariff treatment and allow energy imports if they can specifically certify that Russia and/or Belarus has:
- Ceased aggression against Ukraine;
- Present(s) no immediate threat to NATO and partners; and
- Recognize(s) a free and independent Ukraine including the ability to choose its own government.
- Calls for countries to take action on suspending concessions at the WTO and halt Belarus’ accession to the WTO.
Next Article Previous Article