President Joe Biden is announcing Friday that, along with the European Union and the Group of Seven countries, the U.S. will move to revoke “most favored nation” trade status for Russia over its invasion of Ukraine. That's according to a person familiar with the matter who spoke on the condition of anonymity to preview the announcement. Each country would have to follow its own national processes, the person said. Read:China amplifies unsupported Russian claim of Ukraine biolabs Stripping most favored nation status from Russia would allow the U.S. and allies to impose higher tariffs on some Russian imports, increasing the isolation of the Russian economy in retaliation for the invasion. Biden's changes on Russia's trade status come as bipartisan pressure has been building in Washington to revoke what is formally known as “permanent normal trade relations” with Russia. Ukrainian President Volodymyr Zelenskyy pressed the U.S. and allies to take the action against Russia in remarks to Congress over the weekend. It follows days after the Biden moved to ban imports of Russian oil and gas products. This week's moves are the latest for the sanctions that have crippled the Russian economy and a sign that the U.S. and its allies will continue to use their financial heft to retaliate against Russian President Vladimir Putin. The other measures include the freezing of central bank assets, limits on exports and sanctions against Russian oligarchs and their families. These financial tools have led to the Russian ruble losing 76% of its value against the U.S. dollar over the past month, which has caused destructive inflation that could erode Putin’s ability to wage a prolonged war in Ukraine. Biden, after initially slow-walking congressional attempts to take the trade action against Russia, was to embrace lawmakers' efforts to do just that on Friday. The White House said Biden would announce "actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.” The earlier sanctions on imports of Russian oil, gas and coal cut off about 60% of U.S. imports from the country. Most favored nation status has been a baseline for global trade, ensuring that countries within the World Trade Organization are treated similarly. Some countries in the WTO have special privileges due to their status as developing economies. Russia would join the ranks of Cuba and North Korea by not having MFN status from the U.S. The revocation carries mostly symbolic weight. Because Russian imports into the U.S. are primarily natural resources, they would generally face little to no increase in their tariffs because of the lost status, Ed Gresser of the Progressive Policy Institute in Washington, said in an online post. Instead of the current tariff rate, buyers of Russian goods would pay rates established under the Smoot-Hawley Tariff Act of 1930, which disrupted trade during the Great Depression. This would still be zero for uranium, rhodium, palladium, silver bullion and king crabs. But the import tax would shoot up for unwrought aluminum, plywood, semi-finished steel and diamonds, among other products. Read:Warsaw overwhelmed as it becomes key refugee destination On Monday, Democrats on the powerful House Ways & Means Committee posted, then removed, an announcement on a bipartisan bill to ban Russian oil imports and slap further trade sanctions on the country, according to an aide, because of pushback from the White House against acting before Biden had coordinated with allies and reached a decision on both matters. The House voted Wednesday on a narrower bill to ban Russian energy imports after Biden instituted the ban by executive order. Canada was the first major U.S. ally to remove most favored nation status for Russia last week. Biden's action was first reported by Bloomberg News.