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Russia Seeks WTO Verdict on US Sanctions
23.06.2014 11:56
Russia Seeks WTO Verdict on US Sanctions
Photo Credit: http://www.huffingtonpost.com

Russia has complained to the WTO about the failure by the US to comply with its obligations as a member state of the organization.

      Moscow insists the sanctions imposed by Washington run counter to the principles upheld by the international trade body.

      The news was broken by the Russian Prime Minister who pointed out that a WTO member must apply the same conditions on all trade with other WTO members, i.e. a WTO member has to grant the most favorable conditions, on par with the conditions for domestic producers.

      The same statement was earlier made presidential aide Andrey Belousov who predicted that the World Trade Organization could be facing a possible collapse if it fails to stand up to the US on this issue.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

      Trade between the EU and Russia fell sharply in 1Q 2014, echoing a sour political relationship between Moscow and Brussels split over the Ukraine crisis.

      According to Eurostat, EU imports from Russia dropped more than 9 percent in the first quarter of this year totaling €49.1 billion in March, versus €54.4 billion in the first quarter of 2013.

      As Euractiv.com points out, in 2013 the EU only had 27 members, which means the slide is in fact “even more significant”.

      EU exports to Moscow saw a 10.5 percent decrease, shrinking from €28.7 billion to €25.6 billion.

       




Author: Mikhail Vesely

Tags: US sanctions     

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