The G7 nations said they would end normal trade relations with Russia on Friday as part of a series of new measures to inflict economic punishment on Moscow for its invasion of Ukraine.
The joint step, first announced by US President Joe Biden, includes revoking Russia’s “most-favoured nation” status, which allows it to trade goods on preferential terms with many western countries under rules set by the World Trade Organization. The move will lead to higher tariffs on many Russian exports.
The G7 agreed on other measures as well, including stopping Russia from obtaining any financing from international institutions such as the IMF and the World Bank.
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