G7 nations strip Russia of ‘most favoured nation’ status
by Richard Partington Economics correspondent from on (#5X0B0)
Group of wealthy nations plan to revoke benefits and impose heavy tariffs to further isolate Moscow over Ukraine war
Western governments have announced plans to impose punitive tariffs on Russian trade to further isolate Moscow from the global economy after the invasion of Ukraine.
In a development aimed at ratcheting up the pressure on Vladimir Putin, the G7 group of wealthy nations said it would strip Russia of most favoured nation" (MFN) status under World Trade Organization (WTO) rules.
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