On Friday, Russian President Vladimir Putin ordered his administration to review their country’s role in the World Trade Organization (WTO), which imposed economic sanctions on Russia over its defensive military operation in Ukraine.
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The government will have until June 1 to assess the sanctions’ impact on national commerce and determine whether they are illegal or not. If officials find illegality in the sanctions, they will submit proposals for Russian delegates to the WTO to take immediate action on the matter.
On March 15, about 40 WTO countries, including the U.S., U.K., and EU countries, announced sanctions against Belarus and Russia.
The measures comprised the unilateral suspension of the "Most Favored Nation" (MFN) status to Russia and tariff imposition on its products.
In addition to the fact that the increase in tariffs could contract the Russian gross domestic product by 7.8 percent, such measure will further fuel the global food crisis, since Russian exports satisfy the demand of over 125 million people across the world.
Recently, Putin also denounced that the World Health Organization (WHO) stopped the verification process of Sputnik V, a COVID-19 vaccine whose emergency use has already been approved by 70 countries.
“In the past, we left the Council of Europe. Now it's time to leave the WTO and the WHO, which have ignored all obligations towards our country," suggested Pyotr Tolstoy, the deputy chairman of the Russian Lower House.