US, EU, G7 to strip Russia of favored trade status.

U.S. President Joe Biden has stated that the U.S., the EU and G7 will strip Russia of its permanent normal trade status, allowing the countries to raise tariffs on Russian goods. Biden also said that the U.S.and G7 would seek to deny Russia the ability to borrow funds from “leading multilateral institutions” such as the International Monetary Fund and World Bank.