# U.S. Congress votes to strip Russia of ‘most favored’ trade status, ban its oil Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-04-07 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: U.S. Congress Votes to Impose Economic Sanctions on Russia Meta Description: Congress imposes sanctions on Russia, bans oil imports following invasion of Ukraine. President Biden to sign bills into law, targeting Putin and oligarchs. URL: https://financedigest.com/u-s-congress-votes-to-strip-russia-of-most-favored-trade-status-ban-its-oilhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-04-07t183711z3lynxnpei360u6rtroptp4usa-dailylife-1736815892252-compressed.jpg) By Patricia Zengerle WASHINGTON (Reuters) – The U.S. Congress voted to impose further economic pain on Russia over the invasion of Ukraine on Thursday, passing one measure to remove its “most favored nation” [trade status and another to ban oil](https://www.financedigest.com/ing-toughens-oil-and-gas-policy-to-include-trade-finance-midstream.html "ING toughens oil and gas policy to include trade finance, midstream") imports. The Senate [voted 100-0 in favor of the measure removing](https://www.financedigest.com/ireland-to-vote-on-removing-outmoded-references-to-women-from-constitution.html "Ireland to vote on removing ‘outmoded’ references to women from constitution") Permanent Normal Trade Relations (PNTR) status for both Russia and its close ally Belarus. Shortly afterward, it backed the [energy measure](https://www.financedigest.com/eu-countries-eye-deal-on-more-energy-measures-within-weeks.html "EU countries eye deal on more energy measures within weeks"), also by a 100-0 tally. Senate approval sent the legislation to the House of Representatives, which quickly passed the trade measure by 420 to 3, and the energy legislation by 413 to 9. President Joe [Biden was expected to sign both bills](https://www.financedigest.com/biden-signs-bill-to-boost-u-s-chips-compete-with-china.html "Biden signs bill to boost U.S. chips, compete with China") into law. The [trade bill clears the way](https://www.financedigest.com/social-trading-is-the-new-way-that-gen-z-are-getting-their-share-of-the-pie.html "Social Trading is The New Way That Gen Z Are Getting Their Share of The Pie") for Biden’s administration to raise tariffs on imports from Russia and Belarus. The energy measure puts into [law Biden’s previous executive order banning imports](https://www.financedigest.com/eu-seeks-deal-on-law-preventing-import-of-deforestation-linked-goods.html "EU seeks deal on law preventing import of deforestation-linked goods") of Russian oil, natural gas and coal. This package is about bringing every tool of [economic pressure](https://www.financedigest.com/different-employee-engagement-outcomes-for-u-s-and-canadian-companies-amidst-continued-economic-growth-pressures.html "DIFFERENT EMPLOYEE ENGAGEMENT OUTCOMES FOR U.S. AND CANADIAN COMPANIES AMIDST CONTINUED ECONOMIC GROWTH Pressures") to bear on (Russian President) Vladimir Putin and his oligarch cronies. Putin’s [Russia does not deserve to be a part of the economic order that has existed since the end of World War](https://www.financedigest.com/analysis-action-wanes-at-u-n-to-isolate-russia-almost-six-months-into-ukraine-war.html "Analysis: Action wanes at U.N. to isolate Russia almost six months into Ukraine war") Two,” Senator Ron Wyden, chairman of the Senate Finance Committee, said in a statement. The House passed both bills earlier this year, but they stalled in the Senate as Republicans and Democrats argued over when to vote on the [energy measure and wording of a provision in the trade bill](https://www.financedigest.com/explainer-why-europe-faces-climbing-energy-bills.html "Explainer-Why Europe faces climbing energy bills") reauthorizing the Magnitsky Act, which allows sanctions over human rights violations. U.S. [law mandates that Congress must approve](https://www.financedigest.com/eu-approves-law-to-end-sales-of-new-co2-emitting-cars-by-2035.html "EU approves law to end sales of new CO2-emitting cars by 2035") the change in Russia and Belarus’ trade status. Under a compromise forged late on Wednesday senators [agreed to consider both the trade measure and the energy](https://www.financedigest.com/exclusive-repsol-agrees-to-sell-alberta-oil-assets-to-cppib-backed-teine-energy-sources.html "Exclusive-Repsol agrees to sell Alberta oil assets to CPPIB backed-Teine Energy -sources") bill. The House had to [approve amendments to both measures because of technical changes](https://www.financedigest.com/apple-forced-to-change-charger-in-europe-as-eu-approves-overhaul.html "Apple forced to change charger in Europe as EU approves overhaul") made in the Senate. [Russia calls the assault on Ukraine a “special military operation.”](https://www.financedigest.com/kfc-franchisees-in-russia-ask-govt-to-halt-sale-of-stores-to-local-operator-ria.html "KFC franchisees in Russia ask govt to halt sale of stores to local operator – RIA") (Reporting by Patricia Zengerle; Editing by Chris Gallagher and Howard Goller) --- This blog is powered by Superblog. 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