Japan formally revokes Russia's 'most favored nation' status
ABC News
Japan has formally revoked Russia's “most favored nation” trade status over its invasion of Ukraine, as Tokyo steps up sanctions amid revelations of the Russian military's widespread atrocities against civilians
TOKYO -- Japan formally revoked Russia's “most favored nation” trade status Wednesday over its invasion of Ukraine, as Tokyo steps up sanctions amid revelations of the Russian military's widespread atrocities against civilians.
The stripping of Russia’s trade status is Japan's latest move against Moscow and was part of a list of sanctions measures Prime Minister Fumio Kishida announced last month that also included a decision to expel eight Russian diplomats and trade officials.
The revocation of Russia’s trade status by Japan's Parliament, combined with other sanctions collectively imposed by other countries, is 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 all Russian imports.
Wednesday's parliamentary decision also included a revision to a foreign exchange law to prevent the transfer of virtual currency held by those subject to asset freezing.
