Revoking Russia's "most favored nation" status will allow for increased tariffs on imports from the country in addition to the crushing sanctions already imposed as a consequence of Russia's invasion of Ukraine. But it must be done by Congress. Biden highlighted bipartisan support for the move in a Friday announcement in conjunction with other G7 and European Union leader.
"Putin is an aggressor, he is the aggressor, and Putin must pay the price," Biden said.
The G7 will also seek to cut off Russia from organizations like the International Monetary Fund and the World Bank, Biden said.
"He cannot pursue a war that threatens … the very foundation of international peace and stability and ask for financial help from the international community," he said.
Russia’s economy is struggling under the weight of the sanctions and a deep recession is predicted in the country, according to the IMF.
This week the president also said the U.S. will ban oil, natural gas and coal imports from Russia.
Canada was the first major U.S. ally to remove most favored nation status for Russia last week.
The Associated Press contributed to this report.