Steel Products Prices North America

House Backs Removal of PNTR Status from Russia, Moving Bill to Senate

Written by David Schollaert

March 22, 2022

The U.S. House voted overwhelmingly late last week to back the removal of “permanent normal trade relations,” or PNTR, status from the Russian Federation, the latest congressional effort to put economic pressure on Moscow.

The legislation, aimed at penalizing the Russian government for launching an invasion of Ukraine, could reach deep into the steel supply chain. Tariffs of 20% or more could be seen on many Russian-made goods and steel products should the bill become law.

The House voted 424-8 in favor of removing PNTR status from Russia and Belarus, its close ally – in concert with similar efforts undertaken by the European Union and other G-7 allies.

The bill now makes its way to the U.S. Senate, where it is expected to have broad support after Chuck Schumer, Senate Democratic majority leader, said the measure would move through quickly following House approval.

Once cleared and signed by President Biden, Russia and Belarus will join Cuba and North Korea as the only nations without PNTR status with the U.S.

By David Schollaert, David@SteelMarektUpdatet.com

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

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