Trade panel leaders pen op-ed as Congress revokes Russia’s preferential trade status
WASHINGTON D.C. — CNN Business Perspectives today published an op-ed by Senators Tom Carper (D-Del.) and John Cornyn (R-Texas), the Chairman and Ranking Member of the Senate Finance Committee’s Subcommittee on Trade, discussing how revoking trade with Russia is a critical way to penalize Putin for his unprovoked invasion of Ukraine. The senators criticize Putin’s war of choice and argue that imposing punishing costs on Russia will inflict a powerful blow to its economy. Last week, Congress passed legislation to remove Russia’s most favored nation trade status and President Biden signed the bill into law shortly after.
“Rescinding normal trade relations with Russia will send a powerful message to Putin that he cannot act without consequence,” the senators write. “Now that this bill is law, we, along with our allies, know this move will hit Putin where it will hurt him the most: his wallet. And for the crimes he has committed and continues to commit against the Ukrainian people, we should impose sanctions until his bank account runs empty.”
To read the full op-ed, click here.