EXPLAINER: What is meaning of ‘most favored nation’ status?

By MARCY GORDON
AP Business Writer

WASHINGTON (AP) — In escalating the U.S. drive to squeeze Russia’s economy, President Joe Biden moved to revoke Moscow’s “most favored nation” trade status. His administration also banned imports of Russian seafood, alcohol and diamonds. And the U.S. is cutting the flow the other way, too: It’s barring the export of expensive watches, cars, clothing and other luxury American products to Russia. Congress is expected to act swiftly to pass legislation to formalize the downgrade of Moscow’s trade status. The revocation of Russia’s long-standing most favored trade status is just the latest in a series of economic and financial sanctions that have been leveled against Russia in response to its brutal war against Ukraine.