(Bloomberg) -- The Biden administration is examining options to address Russia's invasion of Ukraine through the World Trade Organization and is working with Congress on legislative actions to deal with the nation, a top official said.
The comments from deputy U.S. Trade Representative Jayme White come as the European Union said that it's seeking to remove Russia's most-favored nation status at the Geneva-based WTO, a move that could further hit 95 billion euros ($105 billion).
Read more: EU Members Back Ending Russia's WTO Most-Favored-Nation Status
“We're working closely with Congress and the proposals that are emerging,” White said in an interview on Thursday. “There are lots of ways to address the preferences that Russia gets under the WTO in terms of imports into the U.S., and so we're examining options.”
Russia is far more dependent on the EU than the U.S., selling about one-third of its exports to the bloc, versus just 5% to the U.S. in 2020, according to International Monetary Fund data compiled by Bloomberg. The EU sent just 1.5% of its exports to Russia, compared with less than 1% for the U.S.
Democratic U.S. Senator Ron Wyden, chairman of the Finance Committee that deals with trade, introduced a bill on Wednesday to revoke Russia's most-favored nation status -- a concept that means applying the same basic trade treatment to all WTO members -- and give President Joe Biden power to raise tariffs on Russian products.
Wyden said that Putin's “unjustified, unprovoked and appalling” invasion of Ukraine shows that he doesn't believe international laws apply to Russia. White served as Wyden's chief trade adviser before being nominated for his current job last year.
Democratic Representatives Earl Blumenauer, head of the House Ways & Means panel that deals with trade, and Lloyd Doggett have introduced similar legislation in that chamber.
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