Pelosi says House will vote to revoke Russia's most favored nation status next week

House Speaker Nancy Pelosi (D-Calif.) said on Friday that legislation to revoke Russia's "most favored nation" trade status has ben prepared and is ready to be voted on by members of the House of Representatives next week.

"The House is already ready with legislation to revoke PNTR (Permanent Normal Trade Relations) from Russia in coordination with the President and our allies," said Pelosi.

"When the House returns next week, we will take up legislation to formalize this revocation, and it is our hope that it will receive a strong, bipartisan vote. Putin’s premeditated, unprovoked war is an attack on the Ukrainian people and an attack on democracy – and the House remains steadfast in our commitment to partnering with President Biden and our allies to level swift, severe punishment and stand with the Ukrainian people," she added. 

On Friday, President Biden and members of the international community announced that they would be adding to the economic sanctions already leveled against Russia by uniformly revoking its most favored nation trading status with developed economies.

The most favored nation status allows the goods of a country to be subject to lower tariffs and taxes when entering the U.S. Biden, who needs the approval of Congress to carry through with the measure, had received bipartisan signals from both chambers that a majority of lawmakers support the move.