The European Union will abolish Russia’s most-favored nation status

This measure does not require any WTO proceedings as it is a unilateral decision. Russia has the right to sue countries that support this proposal. The withdrawal of this status allows the EU to impose additional trade sanctions such as increased tariffs or other types of trade restrictions. Each WTO member that has chosen to withdraw Russia’s most favored nation status is free to impose any trade sanctions it wants.

The EU has just imposed an import ban on Russian finished steel as well as an export ban on some luxury goods such as alcohol, cars, and electronics to Russia.

Russia spends 1 trillion rubles to support the economy

Facing difficulties caused by sanctions from the West, yesterday Russian Prime Minister Mikhail Mishustin also announced a plan to support the country’s economy.

According to Mr. Mishustin, the plan includes more than 100 initiatives, but does not include approved and ongoing initiatives. The total amount to support this initiative package is estimated at 1 trillion rubles (equivalent to 10 billion USD).

In addition, the Russian Government also proposed a number of joint measures with partners in the Eurasian Economic Union. In which, priority is given to consumer goods during customs clearance at border gates, mainly food and medicine, as well as equipment, components and spare parts; make a list of important imports and significantly simplify the customs clearance procedures for goods in this list, without the imposition of import duties and with the cessation of collection of anti-dumping duties.

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