EXPLAINER: Russia is not a ‘most favored nation.’ What now?

By MARCY GORDON
AP Business Writer

WASHINGTON (AP) — With Congress voting to suspend normal trade relations with Russia and ban the importation of its oil, President Joe Biden’s action to tighten the U.S. squeeze on Russia’s economy now can intensify. The action by the House and Senate to revoke Moscow’s “most favored nation” trade status and ban oil imports intensifies the U.S. response to Russia’s invasion of Ukraine amid mounting reports of atrocities. Lawmakers showed overwhelming support for action striking at Russia’s economy. Last month Biden moved, with European and other key allies, to revoke Moscow’s normal trade status. He also has taken executive action to ban U.S. imports of Russian oil, liquefied natural gas and coal.