G7 countries to take action to revoke Russia's 'most favored nation' status – Biden

The G7 countries will take measures to revoke the status of Russia as a "most favored nation," and will also seek to prevent Russian loans from the World Bank and the IMF, U.S. President Joe Biden said on Friday.

"Each country must implement the change in Russia's trading status based on its own national processes," he said.

Biden said that also "the United States will join its G7 allies in cutting off Russia's ability to seek financing from the International Monetary Fund and the World Bank."

In addition, according to him, the United States will refuse to import vodka, seafood and diamonds from Russia. " we're also taking a further step banning imports of goods from several signature sectors of the Russian economy including seafood, vodka and diamonds," Biden said.