The USA and the other G7 countries want to massively restrict trade with Russia because of the Russian war of aggression against Ukraine.
US President Joe Biden announced on Friday that the US and its allies would withdraw Russia's status as "most favored nation".
That would pave the way for tariff increases and further trade restrictions.
Biden also announced an import ban on vodka, seafood and diamonds from Russia.
Experts are skeptical
The so-called most-favoured-nation treatment is a central principle in international trade policy and essentially states that a country is granted the same advantages as other trading partners.
Within the framework of the statutes of the World Trade Organization (WTO), for example, each member undertakes to grant the same trade privileges that it grants to one country to all others.
Stripping Russia of MFN status would allow trading partners to impose higher tariffs on Moscow to penalize Russian exports.
However, experts were skeptical about the effectiveness of the measure against Russia.
"Direct US trade with Russia is comparatively small," said William Reinsch of the Center for Strategic and International Studies think tank in Washington.
"Therefore, higher tariffs wouldn't do them (the Russians) much harm and could increase costs for our producers who depend on key commodities from them."
Last year, the United States imported goods worth just under $30 billion (€27 billion) from Russia.
More than half of that was petroleum, valued at $17.5 billion.
Biden had already announced an import ban on Russian oil on Tuesday.
The West has imposed massive sanctions on Russia in recent weeks.
These concern, among others, the Russian central bank, other Russian banks, President Vladimir Putin personally and numerous oligarchs.
In addition, many Western companies have withdrawn from Russia.