U.S. revokes Russia’s market economy status
Russia cannot be considered a country with a market economy, the US Department of Commerce said (Photo:Maxim Shemetov / Reuters)
The United States will no longer treat Russia as a market economy country, the Reuters news agency reported on Nov. 10, citing the U.S. Commerce Department.
“This decision gives the United States the ability to apply the full force of the U.S. anti-dumping law to address the market distortions caused by increasing interference from the Russian government in their economy,” the Commerce Department said in a statement.
Washington granted Russia market economy status in 2002, an essential step for Russia’s admission to the World Trade Organization (WTO) in 2012.
U.S. political news outlet Politico reported on Oct. 3 that a ‘partial mobilization’ announced in Russia will further upend the Russian economy, which has been doing increasingly poorly due to sanctions enforced on it for its unprovoked full-scale invasion of Ukraine.
The Bloomberg news agency reported on Sept. 5, with reference to an internal report prepared for the government, that Russia may face a longer and deeper recession as the impact of U.S. and European sanctions spreads, handicapping sectors that the country has relied on for years to power its economy. Two of the three scenarios in the report show the contraction accelerating next year, with the economy returning to the pre-war level only at the end of the decade, or even later.
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