G-7, EU revoke Russia's favored trade status, targeting energy, finance, luxury goods

Adding to the raft of sanctions on Russia for its invasion of Ukraine, the Group of 7 nations said they'll deny Russia's Most Favored Nation status related to key products, including energy, luxury goods, iron and steel, and access to capital markets. "This will revoke important benefits of Russia’s membership of the World Trade Organization and ensure that the products of Russian companies no longer receive Most-Favoured-Nation treatment in our economies," the group said in a statement. In line with the statement, President Joe Biden signed on Friday an executive order banning the importation into the U.S. of fish, seafood, alcoholic beverages, and non-industrial diamonds from Russia. In addition, the order also prohibits the exportation, re-exportation, or supply from the U.S. to Russia of any U.S. currency. The EU is also agreeing to the additional sanctions to by implemented by the G-7. The EU statement also points to bans on