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The European Union has agreed to lift its status as a favorite country to trade with Russia as part of a new package of sanctions that the West and the United States are imposing.
The rules of the World Trade Organization stipulate that each member imposes low tariffs on each other, removes trade barriers and prohibits discriminatory treatment.
The bloc is now able to impose higher tariffs on Russian goods destined for the EU single market.
The Russian Federation became a member of the WTO in 2012 after 18 years of negotiations. The sanctions were approved by EU ambassadors on Monday evening and will take effect after their publication in the EU’s official gazette.
The abolition of the status of the favorite country in doing trade was previously announced by President Joe Biden, who also announced several bans on Russian goods.
The US president said the sanctions would be even greater if Ukraine were attacked with chemical weapons, a possibility that US government officials have warned of in recent days.
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