Russia Ukraine conflict

Allies join G7 WTO stance towards Russia amid invasion: EU trade chief

Published: Updated:
Read Mode
100% Font Size
1 min read

Nine other countries have joined the G7 nations in stripping Moscow of its privileged trade treatment following Russia's invasion of Ukraine, EU trade chief Valdis Dombrovskis said on Tuesday.

The G7 nations announced on Friday they were revoking Russia’s “most favored nation” (MFN) status, clearing the way for them to hit Russian imports with higher tariffs than applied to other WTO partners or to ban certain Russian goods entirely.

For the latest headlines, follow our Google News channel online or via the app.

European Commission vice-president Dombrovskis said in a statement that Albania, Australia, Iceland, Moldova, Montenegro, New Zealand, North Macedonia and South Korea would also stop according Russia MFN status.

Dombrovskis said the move deepened Russia's position as a pariah in the eyes of the global community, adding the western group would also suspend accession of Russian ally Belarus to the World Trade Organization.

Read more:

Russian invasion poses ‘clear, growing threat’ to food security in Ukraine: FAO

Over three million Ukraine refugees flee Russian invasion: UN

Russian oligarch Abramovich’s jet lands in Moscow after brief stop in Istanbul

Top Content Trending