Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA) released the following statement after the House passed H.R. 7108, the Suspending Normal Trade Relations with Russia and Belarus Act.
“As Russia continues its horrific, unprovoked war on the Ukrainian people, the House is moving to inflict even greater economic pain on Russia and Belarus. In conjunction with the energy ban we passed last week, suspending normal trade relations is a necessary step to hold Putin accountable for his senseless attacks. I thank Ranking Member Brady for his partnership in bringing this legislation to the floor, and I remain committed to pursuing any measure necessary to save lives and restore peace in the region.”
This legislation includes additional provisions to expand the United States’ trade tools to stop Russia’s unacceptable and unjust war on Ukraine and to hold Belarus accountable for its involvement. Specifically, the bill:
- Provides the President with time-limited authority to increase tariffs on products of Russia and Belarus, until January 1, 2024;
- Requires the U.S. Trade Representative to use the voice and influence of the United States to seek suspension of Russia’s participation in the World Trade Organization (WTO) and to halt Belarus’ WTO accession and accession-related work; and
- Provides the President with the authority to restore normal trade relations with Russia and Belarus if these countries have ceased their acts of aggression against Ukraine and other certain conditions are met. Congress has the authority to overrule such a decision through a congressional disapproval process.
A summary of the Ways and Means provisions in the legislation is available HERE.
Full text of the Suspending Normal Trade Relations with Russia and Belarus Act is available HERE.
Original source can be found here
