Biden announces U.S. will move to revoke Russia's "most favored nation" trade status

President Biden announced Friday that the U.S., European Union and G7 countries are moving to revoke Russia's "most favored nation" trade status over its invasion of Ukraine. The U.S. will also take steps to ban the import of Russian seafood, diamonds and vodka, he said. 

"Each of our nations is going to take steps to deny most favored nation status to Russia," he announced. "A most-favored-nation status designation means two countries have agreed to trade with each other under the best possible terms — low tariffs, few barriers to trade and the highest-possible imports allowed."

The G7 soon after Friday released a statement announcing the multi-nation move, saying they are "united in our determination to hold President Putin and his regime accountable for this unjustified and unprovoked war that has already isolated Russia in the world."