TOKYO: Japan has decided to deprive Russia of the status of a Most-Favored Nation in connection with the events in Ukraine, Prime Minister Fumio Kishida said.
"We are excluding Russia from the Most-Favored nation regime," Kishida said.
The Most-Favored Nation treatment was extended to Russia as a member of the WTO, according to one of the main principles which is to provide one country with the same foreign trade conditions that other members of the organization enjoy. Russia has enjoyed the benefits of the Most-Favored Nation treatment as a member of the WTO since 2012.
Japan will impose restrictions on the export of luxury goods to Russia and will also impose a ban on the import of a number of goods from Russia, Kishida said.
Japan, together with G7, will take measures to make it difficult for Russia to receive investments from the World Bank and other international organizations, he said.
Tokyo will expand the circle of "Russian oligarchs" close to the Russian president whose assets will be frozen and will also impose cryptocurrency-related sanctions on Russia, the Prime Minister added.