President Joe Biden announced Friday that the United States, along with the EU and G7, will revoke Russia's "most favored nation" trade status.

Countries with that status are given specific trade advantages, such as low tariffs and the highest imports allowed.

Stripping this status from Russia allows the U.S. and allies to impose higher tariffs on some Russian imports and make it much harder for Russia to do business with other countries. This move will require an act of Congress, but lawmakers have expressed support.

Biden also announced the U.S. is banning Russian imports of seafood, alcohol and diamonds.

The G7 will seek to deny Russia the ability to borrow from leading multinational institutions, including the World Bank and are adding more Russian oligarchs to the sanction list.

The U.S. is also banning the export of luxury goods into Russia.

"He hoped to fracture European resolve. He failed. He hoped to weaken the transatlantic alliance. He failed. He hoped to split apart American democracy in terms of our position. He failed," Biden said.

This would put Russia in the same category as North Korea and Cuba.

RELATED: LIVE UPDATES: The latest developments on the Russia-Ukraine Crisis