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Tags: japan | wto | russia | most-favored nation trade status

Japan to Revoke Russia's Most-Favored Nation Trade Status

Kishida
Japanese Prime Minister Fumio Kishida, speaks at a press conference on March 3, 2022 in Tokyo. (Getty Images)

Wednesday, 16 March 2022 07:34 AM EDT

Japan will revoke Russia's most-favored nation trade status as part of further sanctions against Moscow following the invasion of Ukraine, Prime Minister Fumio Kishida said on Wednesday.

Tokyo will also ramp up sanctions by expanding the scope of asset freezes against Russian elites and banning imports of certain products from the country, Kishida said.

"Russia's invasion of Ukraine is a historic atrocity," Kishida told a news conference. "We're taking necessary steps including sanctions to apply further pressure on Russia."

The moves are in line with an announcement on Friday by the United States and its allies to escalate their economic pressure on Russia, which amount to a fourth set of sanctions against the country over the Feb. 24 invasion.

Russia calls its action in Ukraine a "special operation" to disarm and "denazify" its neighbor.

Japan will also coordinate with other Group of Seven nations to prevent Russia from tapping loans from the International Monetary Fund and other global lenders, Kishida said.

He did not clarify which goods will see tariffs raised from the revocation of the most-favored status.

"Russia's invasion of Ukraine is a historic atrocity."- Japanese Prime Minister Fumio Kishida

But the Mainichi newspaper reported the move would lead to higher tariffs for certain seafood products such as sea urchins and crab imported from Russia.

In 2021, Russia accounted for 81% of sea urchins and 47.6% of crab imported by Japan, according to government data.

Japan has already slapped sanctions on Russia-bound exports of chips and high-tech equipment, as well as on dozens of Russian and Belarusian officials, business executives and banks by freezing their assets.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Japan will revoke Russia's most-favored nation trade status as part of further sanctions against Moscow following the invasion of Ukraine, Prime Minister Fumio Kishida said on Wednesday.
japan, wto, russia, most-favored nation trade status
267
2022-34-16
Wednesday, 16 March 2022 07:34 AM
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