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US passes a series of bills to punish Russia

A session of the US House of Representatives in Washington. (Artwork: AP)

The move paved the way for an increase in import duties on Russian goods.

Specifically, the bill to permanently suspend Normal Trade Regulation (PNTR) with Russia was passed by the US House of Representatives with 424 votes in favor and 8 votes against. The bill needs to be submitted to the US Senate for consideration and approval.

The vote in the House of Representatives comes just days after US President Joe Biden proposed to permanently revoke Normal Trade Status for Russia amid tensions related to Russia. Ukraine problem.

PNTR, also known as “Most Favored Nation” status as the World Trade Organization (WTO) calls it, is a special regulation to regulate relationships with US trading partners, under which partners receive equal treatment in trade in the territory of a third country. This is a very basic principle in modern international commercial relations.

The US passed a series of bills to punish Russia - Photo 1.

Ukrainian President Volodomyr Zelensky delivers an online address to the US Congress on March 16. (Photo: CNN)

On the same day, the US House of Representatives Finance Committee also passed 5 bills punish Russia in the context of the ongoing Moscow special military operation in Ukraine.

The bills are intended to prevent US-based companies from evading sanctions through subsidiaries based in countries that do not impose sanctions on Russia and Belarus.

In addition, the bills also aim to ban Russian government officials from participating in international organizations, expand the ability to track transactions related to illegal activities, guide US officials at organizations International finance uses the American vote and influence to lobby for the suspension of all Ukrainian debt payments, as well as to ban the US Secretary of the Treasury from engaging in transactions involving the exchange of the Right to Draw. the special capital of the International Monetary Fund (IMF) held by Russia or Belarus. These bills will be submitted to the full House of Representatives for consideration.

The British government on the same day on March 17 announced the suspension of tax information exchanges with Russia and Belarus. In a written statement presented to the British Parliament, Finance Minister Lucy Frazer said the decision to stop exchanging tax information will ensure the UK does not provide Russia and Belarus with information that could help increase the profits or tax returns of these two countries.

The decision, effective March 17, does not affect the UK’s ability to deal with tax non-compliance as the country continues to exchange information with the tax treaty network.

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