US president Joe Biden is poised to end normal trade relations with Russia on Friday, a person familiar with the matter said, in a new step to inflict economic punishment on Moscow for its invasion of Ukraine.

The move by Biden comes after the US this week banned Russian energy imports into America — targeting the biggest source of trade between the two countries and a key source of hard currency for Moscow.

The White House has been under pressure from Congress to go further than that, by revoking Russia’s status as a permanent trading partner, which could lead to higher tariffs on some other Russian imports.

Biden is due to speak on Friday morning about the new trade measures related to Russia, the latest in a series of sweeping sanctions on Moscow including targeting members of the country’s business elite, the inner circle of officials close to Putin, the central bank, and other key financial institutions.

This is a developing story. More to follow.