U.S. House Votes to Strip Russia of Protected Trading Status: Here’s What That Means

by Shelby Scott
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(Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images)

Since Russia launched its invasion of Ukraine, the U.S. and its allies have leveled numerous sanctions on Russia. However, in a move to further damage the invading nation’s economy, the U.S. House cast votes on Thursday to strip Russia of its protected trade status. If it gets through the Senate, it would place further taxes on more of Russia’s imported goods, causing greater economic consequences.

What to Know:

  • President Biden has kept the U.S. from becoming directly involved with the Ukrainian invasion. However, he has pushed efforts to damage Russia’s economy.
  • The House votes saw near-unanimous results in support of removing Russia from its protected trade status, with just eight dissenting.
  • Imported Russian goods to see increased taxes should bill pass Senate vote.

Imported Russian Goods to Potentially See Increased Taxes

Prior to Putin’s authorization of Russia’s Ukrainian invasion, the U.S. had provided the eastern nation with a protected trade status. CNBC further reports the vote would also remove most favored nation status from Belarus, a close Russian ally.

According to the outlet, the vote to impose further taxes on imported Russian goods saw results number 424-8. MarketWatch states all eight “no” votes came from House Republicans.

That said, the White House isn’t the only governmental body working to impose greater taxes on Russia and Belarus. The outlet reports both European and G7 allies have begun taking steps to suspend normal trade relations with Russia as well.

Until the latest bill sees approval from the Senate, the U.S. has taken smaller steps to penalize the Russian economy. These include a range of sanctions and bans on products like oil, liquor, and seafood.

Russia Demanding Possession of Alaska in Response to Sanctions

Russian sanctions have come from all over the globe. However, for one reason or another, Putin and other high-ranking officials have begun to make bizarre demands amid the ongoing Ukraine invasion.

In the latest demands, Parliament member Oleg Matveychev said Russia wants “the return of all Russian properties, those of the Russian empire, the Soviet Union, and current Russia, which has been seized in the United States, and so on.

Specifically, Matveychev is requesting the U.S. return Alaska and Fort Ross, California. However, these regions have been under U.S. control since the mid-19th century.

In addition, the strange requests follow the parliament member’s demand for reparations paid to the Russian state as a result of the Ukraine invasion.

As the battle wears on in Ukrainian cities, it will be interesting not only to see what talks arise between the warring nations. We’re interested to see what comes of Russia’s odd-ball demands and whether U.S. officials actually respond.

Outsider.com