U.S. President Barack Obama plans to halt Russia's eligibility for trade benefits under a program that assists developing countries, Radio Free Europe informs.
The move comes as Washington seeks to punish Russia over its annexation of Crimea and for its role in destabilizing eastern and southern Ukraine.
Obama notified the U.S. Congress on May 7 that he intends to withdraw Russia's access to the Generalized System of Preferences program, which exempts eligible countries from tariffs on certain goods.
Russia was the program's ninth-largest beneficiary last year, with $296 million in tariff discounts on goods it sends to the United States.
The White House cited Russia's "sufficiently advanced" economy as the basis for the decision.
The announcement did not specifically mention the Ukraine crisis.
But it follows U.S. sanctions against Russian officials and businesses close to Russian President Vladimir Putin's inner circle.
Ukraine and Turkey will jointly produce military equipment
German politicians came to occupied Crimea
Russia: Question of humanitarian pause in Syria is not relev
MFA calls Syrian AMB to account for statement on Crimea
Occupants are preparing "electrical noose" for Crimean
It became known, where Ukrainians go to work
Plane crashed in Malta
Iraq: Two journalists killed in a war zone
Crimea felt lack of qualified health professionals
Lviv hosts National Communities Forum
Darkness and queues on ferry await Crimea
Disabled ATO soldiers proved their strength
The 46 Film Festival Molodist opened in Kyiv
"My Ukraine" on canvas of artist
Largest entertainment park for children opened in Kyiv
Power outages began in Crimea
Defendant in "Hizb ut-Tahrir" case missed birth of daughter
Chubarov: Mogilev fled from Crimea, when we fought for it
IS Militants shot nearly 300 people in Mosul
Merkel predicts sanctions against RF for actions in Syria
ATO Headquarters: Militants used Grads in Luhansk direction
Egypt resold "Mistrals" to Russia for $ 1
Russia refused to release Kolchenko and Sentsov to Ukraine
Dzhemilev and TİKA opened the Crimean Tatar cultural center
RF Cabinet of Ministers ‘snips’ Black Sea