Live: Russia strikes new cities as Zelenskyy decries Mariupol ‘terror’

EU, US and G7 ready to hit Russia’s trade status

The European Union, the United States, together with the Group of Seven nations, are expected to move on Friday to revoke Russia’s “most favoured nation” trade status.

This would allow higher tariffs to be imposed on some Russian imports, further putting pressure on the Russian economy which is said to be heading for a deep recession.

Reuters reports that President Biden will make an announcement on Friday morning, Washington time.

The moves come on top of a raft of unprecedented sanctions, export controls and banking restrictions.

Russian President Vladimir Putin dismissed such talk on Thursday, saying the country has endured sanctions before. 

″We will overcome them,” he said at a televised meeting of government officials. He did, however, acknowledge the sanctions create “certain challenges”. (with AP)