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March 22, 2022
House Backs Removal of PNTR Status from Russia, Moving Bill to Senate
Written by David Schollaert
The U.S. House voted overwhelmingly late last week to back the removal of “permanent normal trade relations,” or PNTR, status from the Russian Federation, the latest congressional effort to put economic pressure on Moscow.
The legislation, aimed at penalizing the Russian government for launching an invasion of Ukraine, could reach deep into the steel supply chain. Tariffs of 20% or more could be seen on many Russian-made goods and steel products should the bill become law.
The House voted 424-8 in favor of removing PNTR status from Russia and Belarus, its close ally – in concert with similar efforts undertaken by the European Union and other G-7 allies.
The bill now makes its way to the U.S. Senate, where it is expected to have broad support after Chuck Schumer, Senate Democratic majority leader, said the measure would move through quickly following House approval.
Once cleared and signed by President Biden, Russia and Belarus will join Cuba and North Korea as the only nations without PNTR status with the U.S.
By David Schollaert, David@SteelMarektUpdatet.com
