MOSCOW, February 21 (Itar-Tass) —— Russian President Dmitry Medvedev and Chairman of the US Senate Finance Committee Max Baucus discussed the prospects to abolish the Jackson-Vanik amendment, which restricts the trade between the two countries, the Russian presidential press service told Itar-Tass on Tuesday.
“Medvedev and Baucus met on Monday to focus on the problem of cancelling the Jackson-Vanik amendment,” the Kremlin press service reported.
The Jackson-Vanik amendment was endorsed by the US Congress in 1974 and imposed restrictions on the trade with the Soviet Union.
The US restrictions in trade were caused by lack of freedom of emigration in the Soviet Union.
The amendment is formally in effect against some of the former Soviet republics, which are the successors of the Soviet Union.
Since 1989 the United States introduces an annual moratorium on the effect of the amendment, but did not cancel it officially.