A bipartisan duo on the Senate panel with jurisdiction over tax and trade legislation is calling on the Biden administration to scrap or at minimum suspend a treaty with Russia that reduces taxes levied on cross-border profits amid rising tensions over its attack on Ukraine.
Senate Finance Committee members Catherine Cortez Masto, D-Nev., and John Cornyn, R-Texas, wrote Thursday to Treasury Secretary Janet L. Yellen and Secretary of State Antony J. Blinken that such steps are needed to counter punitive action taken against U.S. businesses by Russian President Vladimir Putin’s regime and deprive it of cash needed to finance its war against Ukraine.
“Unfortunately, Russia’s illegal and unprovoked war in Ukraine, as well as countless other actions, show that President Putin does not intend to pursue a path of peace and global cooperation,” the senators wrote.
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