JUST IN: USA, Other Nations to Revoke ‘Favored Nation’ Trading Status from Russia

President Biden announced Friday that his administration along with other governments around the world will revoke Russia’s “favored nation” trading status in the coming days, allowing even more economic pressure on Vladimir Putin and his regime.  

“He hoped to dominate Ukraine without a fight – he failed. He hoped to fracture European resolve – he failed,” Biden told reporters. “He hoped to weaken the transatlantic alliance – he failed. He hoped to split apart American democracies in terms of our positions – he failed.” 

“The American people are united, the world is united and we stand with the people of Ukraine. We will not let autocrats and would-be emperors dictate the direction of the world,” Biden continued. “Democracies are rising to meet this moment, rallying the world to the side of peace and the side of security. We are showing are strength and we will not falter.” 

“We are also taking a further step of abandoning imports of goods from several signature sectors of the Russian economy including seafood, vodka and diamonds,” Biden explained. “The G-7 will seek to deny Russia the ability to borrow from leading multinational institutions such as the International Monetary Fund and the World Bank.” 

This is a developing story…