G-7 to Deny Russia Trade Privileges

Politics Economy

Washington, March 11 (Jiji Press)--The Group of Seven major industrial economies said Friday that they will deny Russia most-favored-nation trade status over key products as part of additional sanctions over Moscow's invasion of Ukraine.

"This will revoke important benefits of Russia's membership of the World Trade Organization," G-7 leaders said in a statement.

The additional sanctions also include preventing Russia from obtaining financing from leading multilateral financial institutions such as the International Monetary Fund and the World Bank.

"We remain resolved to isolate Russia further from our economies and the international financial system," the G-7 leaders said.

In a speech at the White House, U.S. President Joe Biden said that as Russian President Vladimir Putin "continues his merciless assault, the United States and our allies and partners continue to work in lockstep to ramp up the economic pressure on Putin and to further isolate Russia on the global stage."

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