G7 To Strip Russia Of Trade Benefits As WTO Member

The United States, Japan, and other Group of Seven (G7) industrialized nations on Friday agreed to take steps to strip Russia of trade benefits it has enjoyed as a member of the World Trade Organization (WTO), ratcheting up pressure on Moscow following its invasion of Ukraine, Miya Tanaka reported for Kyodo News.

Photo Insert: Ending benefits such as low tariffs and few trade barriers in unison with other nations that make up half of the global economy will be another "crushing blow to the Russian economy," US President Joe Biden said.

Ending benefits such as low tariffs and few trade barriers in unison with other nations that make up half of the global economy will be another "crushing blow to the Russian economy," US President Joe Biden said at the White House as he announced a fresh set of sanctions the G-7 leaders have agreed on.

According to a joint statement, each member of the group -- Britain, Canada, France, Germany, Italy, Japan, and the US, plus the European Union (EU) -- vowed to take independent actions to revoke Russia's "most-favored nation" status, which has granted the country the best possible trade terms on key products.

Such a revocation, which in the US will require a legislative process, would pave the way for the United States and other countries to impose higher tariffs on Russian products.

The G-7 members also said they are working to collectively prevent Russia from obtaining financing from leading multilateral financial institutions, such as the International Monetary Fund (IMF) and the World Bank (WB), and stand ready to impose further restrictions on Russia's exports and imports of key goods and technologies.

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