BRUSSELS (Reuters) – The United States, the European Union, Britain, Canada and Japan were due to move jointly on Friday to revoke Russia’s “most favoured nation” (MFN) status over its invasion of Ukraine, people familiar with the situation told Reuters. But what is MFN status and what does its removal mean? MOST FAVOURED NATION STATUS The World Trade Organization’s 164 members commit to treating other members equally so they can all benefit from each other’s lowest tariffs, highest import quotas and fewest trade barriers for goods and services. This principle of non-discrimination is known as…