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US Congress may vote on normalising trade ties with Russia
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The US House of Representatives is set to vote on Jackson-Vanik amendment, which, if passed, would normalise US-Russia trade relations.
Before drafting and voting on it, the amendment must first be endorsed by the US Senate and President Barack Obama.
The withdrawal of the Jackson-Vanik amendment is expected to see US exports to Russia doubled by nearly$19 billion within the next five years.
The Jackson-Vanik amendment was adopted by Congress in 1974, during the Cold War, when US was eager to impose restrictions on trade with the Soviet Union. The amendment was at the time a response to the lack of the freedom to emigrate in the Soviet Union.
The amendment is still officially valid but since 1989, the US has had to annually place a moratorium on it. Obama's administration has promised on several occasions to secure its official withdrawal, however, Republicans have attempted to postpone it with the hope to see it discussed only after the elections, when they could adopt the Magnitsky list.
Before drafting and voting on it, the amendment must first be endorsed by the US Senate and President Barack Obama.
The withdrawal of the Jackson-Vanik amendment is expected to see US exports to Russia doubled by nearly$19 billion within the next five years.
The Jackson-Vanik amendment was adopted by Congress in 1974, during the Cold War, when US was eager to impose restrictions on trade with the Soviet Union. The amendment was at the time a response to the lack of the freedom to emigrate in the Soviet Union.
The amendment is still officially valid but since 1989, the US has had to annually place a moratorium on it. Obama's administration has promised on several occasions to secure its official withdrawal, however, Republicans have attempted to postpone it with the hope to see it discussed only after the elections, when they could adopt the Magnitsky list.
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MoreLocation: Washington, United States
Expected date: September 2012
Planning: to be confirmed
Ended: 231 days ago 
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