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Ranking Member's News | Newsroom | The United States Senate Committee on Finance – Hearing | Hearings | The United States Senate Committee on Finance

March 17,2022

Washington, D.C.–U.S. Senate Finance Committee
Ranking Member Mike Crapo (R-Idaho) issued the following statement on the need
to suspend Russia’s permanent normal trade relations and impose an energy
importation ban:    

“Ukrainian President Zelenskyy implored Congress for ‘new
packages of sanctions … until the Russian military machine stops.’ 
Congress must support him and the Ukrainian people by immediately passing
legislation to impose a Russian energy importation ban and revoke Russia and
Belarus’s favorable trading status.  Congress must insist through
meaningful certification criteria that Russia and Belarus continue to suffer
these consequences until their war of aggression ceases and Ukraine’s
right—along with that of our NATO allies—to be free and secure is restored.
     

“The House recently passed two separate bills: one to ban
oil imports (H.R. 6968), and one to revoke PNTR status (H.R. 7108).  The
Senate should combine these measures as we did in S. 3786, which reflects an
agreement reached by top Senate Finance Committee and House Ways and Means
leaders, and quickly pass this legislation.”   

The Crapo, Wyden legislation:
 

















  • Bans imports of Russian energy products, such as oil,
    gas and coal, except for products imported within 45 days of enactment.
  • Suspends Russia’s Permanent Normal Trade Relations
    (PNTR) status, and revokes the current waiver Belarus uses to get most
    favorable nation (MFN) status. 


    • Provides the President with authority to restore
      normal trade relations with Russia and Belarus subject to his ability to
      certify certain conditions and congressional disapproval.

  • Allows the President to restore prior tariff treatment
    and allow energy imports if the President can specifically certify that
    Russia and/or Belarus has:

    • Ceased aggression against Ukraine;

    • Present(s) no immediate threat to NATO; and

    • Recognize(s) a free and independent Ukraine including
      the ability to choose its own government.

  • Calls for countries to take action on suspending
    concessions at the WTO and halt Belarus’ accession to the WTO.


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