President Barack Obama notified Congress on Wednesday that he intends to withdraw Russia's eligibility for trade benefits under the Generalized System of Preferences (GSP) program.
Russia is so sufficiently advanced economically that it no longer warrants preferential treatment reserved for less advanced developing countries, White House announced.
The decision is consistent with the requirements of the GSP program. according to the announcement.
"Once Russia's eligibility is withdrawn, which would be effected via a presidential proclamation, U.S. imports of GSP-eligible goods from Russia will be subject to normal, non-preferential rates of duty," it added