The US Department of Commerce revoked Russia's market economy status.
This is reported by Reuters.
Such a decision was made due to extensive state intervention in the Russian economy and provides an opportunity to apply US anti-dumping legislation to eliminate market distortions caused by this intervention, the ministry said.
In order to obtain the status of a country with a market economy in the United States, the state must meet certain criteria prescribed in the American Tariff Act, adopted in 1930.
Russia was recognized by the USA as a country with a market economy in 2002. Countries with this status are not subject to a number of American foreign trade restrictions.
For example, it is more difficult to introduce anti-dumping duties on them. In addition, the status of a state with a market economy played a decisive role in the accession of the Russian Federation to the World Trade Organization (WTO) in 2012.
In 2021, for the first time in nearly 20 years, the US Department of Commerce considered removing Russia from market economy status, but this status was confirmed.
Earlier, the Council of the Organization of American States (OAS) decided to deprive Russia of the status of a permanent observer at the organization.