U.S. Senate panel approves Jackson-Vanik, Magnitsky bill

PanARMENIAN.Net - The United States Senate Finance Committee on Wednesday, July 18 approved a bill combining a repeal of the Jackson-Vanik Amendment and a measure aiming to punish Russian officials involved in the death of lawyer Sergei Magnitsky, RIA Novosti reported.

"By enacting PNTR [permanent normal trade relations] together with the Magnitsky bill, we are replacing Jackson-Vanik with legislation that addresses the corruption and accountability issues that Russia confronts today," Senate Finance Chairman Max Baucus said.

The new bill is a response to the demands of a majority of lawmakers for a review of legislation affecting trade and human rights issues, including some laws affecting trade with Russia.

The proposal to add the Magnitsky Rule of Law Accountability Act to the PNTR legislation “will help fight human rights abuses in Russia,” Baucus said.

Russia will formally be a member of the WTO next month, he said, and “that is our deadline for passing PNTR.”

“There is no time to waste; America risks being left behind. If we miss that deadline, American farmers, ranchers, workers and businesses will lose out to the other 154 members of the WTO that already have PNTR with Russia. American workers will lose the jobs created to China, Canada and Europe when Russia, the world’s seventh largest economy, joins the WTO and opens its market to the world,” Baucus said.

The Senate began studying the issue in mid-March and also amendments from Maryland Senator Ben Cardin, including proposals for visa sanctions against Russians allegedly involved in the death of Sergei Magnitsky, a tax lawyer working for the Hermitage Capital investment company, who died in custody in Russia in 2009.