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President Joe Biden will announce the plans at the White House
at 10:15 a.m. EST (1515 GMT), said one of the sources, speaking
on condition of anonymity.
The White House said Biden would announce "actions to continue
to hold Russia accountable for its unprovoked and unjustified
war on Ukraine", but gave no details.
Russia calls its actions in Ukraine a "special operation".
Stripping Russia of its favored nation status paves the way for
the United States and its allies to impose tariffs on a wide
range of Russian goods, which would further ratchet up pressure
on an economy that is already heading into a "deep recession."
The coordinated moves by Washington, London and other allies
come on top of a raft of unprecedented sanctions, export
controls and banking restrictions aimed at pressuring Russian
President Vladimir Putin to end the largest war in Europe since
World War Two.
Each country must implement the change in Russia's trading
status based on its own national processes, two of the people
said.
In the United States, removing Russia's "Permanent Normal Trade
Relations" (PNTR) status will require an act of Congress, but
lawmakers in both houses - and on both sides of the political
aisle - have already signalled their support, two officials
said.
"President Biden and the administration appreciate the
bipartisan leadership of Congress and its calls for the
revocation of PNTR," one of the officials said, adding that the
White House would work with lawmakers on legislation to revoke
Russia's status.
Unprecedented, sweeping sanctions slapped on Russia's banks and
elites, along with export controls on a raft of technologies,
have already caused the Russian economy to crater, and the
International Monetary Fund is now predicting that it will
plunge into a "deep recession" this year.
In 2019, Russia was the 26th largest goods trading partner of
the United States, with some $28 billion exchanged between the
two countries, according to the U.S. Trade Representative's
office.
Top imports from Russia included mineral fuels, precious metal
and stone, iron and steel, fertilizers and inorganic chemicals,
all goods that could face higher tariffs once Congress acts to
revoke Russia's favored nation trade status.
Biden on Tuesday had imposed an immediate ban on Russian oil and
energy imports.
Some U.S. governors have already ordered government-run liquor
stores to stop selling Russian-made vodka and distilled spirits
in solidarity with the Ukrainian people.
(Reporting by Steve Holland and Andrea Shalal in Washington;
Editing by Christopher Cushing and Michael Perry)
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