-
ALSO READ
'Barbarian act': World leaders condemn Russian invasion of Ukraine
US to evacuate Ukraine embassy in Kyiv amid Russian invasion fears
Ukraine war: Over 400 firms stopped operations in Russia after US sanctions
Ukraine war: EU agrees on Russia sanctions so far, but energy divides
Ukraine crisis: Indian embassy in Kyiv advises country's students to leave
-
Japan formally revoked Russia's most favoured nation trade status Wednesday over its invasion of Ukraine, as Tokyo steps up sanctions amid revelations of the Russian military's widespread atrocities against civilians.
The stripping of Russia's trade status is Japan's latest move against Moscow and was part of a list of sanctions measures Prime Minister Fumio Kishida announced last month that also included a decision to expel eight Russian diplomats and trade officials.
The revocation of Russia's trade status by Japan's Parliament, combined with other sanctions collectively imposed by other countries, is expected to intensify pressure on Russia, but the moves could also prompt reprisals from Moscow.
The revocation of the trade status applies to tariffs on all Russian imports.
Wednesday's parliamentary decision also included a revision to a foreign exchange law to prevent the transfer of virtual currency held by those subject to asset freezing.
Japan is taking a greater role in the international effort against Russia because of concerns about the impact of the invasion in East Asia, where China's military has grown increasingly assertive.
Japan has also frozen the assets of hundreds of Russian individuals and groups and banned new investment and trade, including the export of goods that could be used for military purposes.
Japan also announced plans to phase out imports of Russian coal.
On Wednesday, the eight Russian diplomats subject to expulsion were seen leaving the Russian embassy in Tokyo on a bus to the Haneda international airport, where they took a Russian government plane back to their country.
Japan has already faced reprisals from Russia.
Moscow recently announced the suspension of talks on a peace treaty with Tokyo that included negotiations over Russian-held islands that the former Soviet Union seized from Japan at the end of World War II.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Wed, April 20 2022. 11:54 IST
RECOMMENDED FOR YOU