The G7 nations announced on Friday they were revoking Russia’s “most favoured 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.
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.
Source: Economy - investing.com
