Japan formally revokes Russia's 'most favored nation' status

ABC News -- Apr 21
Japan enacted a law on Wednesday formally revoking Russia's “most favored nation” trade status over its invasion of Ukraine, as Tokyo steps up sanctions amid revelations of Russian military atrocities against civilians.

The stripping of Russia’s trade status is Japan's latest move against Moscow and is part of a list of sanction measures Prime Minister Fumio Kishida announced last month that also include a decision to expel eight Russian diplomats and trade officials.

The revocation of Russia’s trade status by Japan's Parliament, which takes effect later this month, and other sanctions collectively imposed by other countries, are expected to intensify pressure on Russia, but the moves could also prompt reprisals from Moscow.

The revocation of the trade status applies to tariffs on most imports from Russia, allowing Tokyo to impose higher duties on such products. The measure, however, does not affect imports of crude oil and liquefied natural gas, as well as palladium, a type of rare metal, which had no tariffs before Russia joined the World Trade Organization in 2012 and gained the most favored nation status.

It followed a decision along with the U.S. and other members of the Group of Seven industrialized nations to do so.

Wednesday's parliamentary decision also included a revision of a foreign exchange law to prevent the transfer of virtual currency held by those subject to asset freezing. ...continue reading