Japan parliament OKs revoking Russia’s “most favored” trade status

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Kyodo News

Japan’s parliament Wednesday gave the green light to strip Russia of “most favored nation” trade status, a move taken in unison with other countries to punish Moscow over its invasion of Ukraine. Russia will lose benefits such as low tariffs and few trade barriers. Among the other changes enacted was amending the foreign exchange and trade law to prevent cryptocurrencies from being used as a loophole to sidestep economic sanctions on Russia. Following the legislative move, Prime Minister Fumio Kishida’s government will set ordinances stipulating that all imports from Russia will be subject to …

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