The White House says Russia's removal will mean its goods will be subject to normal tariff rates once Obama issues a proclamation, which can be no sooner than 60 days from congressional notification.
National Security Council spokeswoman Caitlin Hayden said Russia was set to be eliminated from the program on January 1, 2016, after being upgraded to high-income status by the World Bank last year, but Obama decided to move forward ahead of schedule.
"Russia's actions regarding Ukraine, while not directly related to the president's decision regarding Russia's eligibility for GSP benefits, make it particularly appropriate to take this step now," she said.
The announcement comes on the day that Russian President Vladimir Putin said his country has pulled troops back from the border it shares with Ukraine. But the White House was sceptical of the claim.
"We would certainly welcome a meaningful and transparent withdrawal of Russian military forces from the border," said White House spokesman Josh Earnest. "That's something that we have sought for quite some time. I will say that, to date, there's been no evidence that such a withdrawal has taken place."
