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Western anti-Russian sanctions over Ukraine may run afoul of WTO rules
US ANTI-RUSSIAN sanctions by the US violate World Trade Organisation rules and may induce Moscow into a destructive trade war, Russia's ambassador told the Geneva-based WTO, Reuters reports.
"We are being forced to seek the protection of our rights through WTO mechanisms," said Russian Ambassador Gennady Ovechko.
Adding he was also concerned by sanctions imposed by other WTO members over the Russian sponsored sessionist rebellion against the Goverment of the Ukraine.
The US has hit Russia's largest oil producer, Rosneft; its second largest gas producer, Novatek and its third largest bank, Gazprombank all allegedly having benefited from close association with the Russian leadership.
Canada said it would sanction a range of Russian firms including Gazprombank and Novatek. The EU is considering more sanctions after the downing of a Malaysian airliner in the rebel-held eastern Ukraine.
US Ambassador to the WTO Michael Punke said the United States had weighed its latest sanctions and found they were in line with WTO rules.
"We remain confident that these actions are consistent with WTO obligations," Mr Punke said.
In WTO terms trade restrictions are justified for environmental, health and religious reasons. The American justification can only be made on the grounds of national security, which had never before arisen in a WTO dispute.
"Thus," said the Russian WTO ambassador, "the US actions might cause the unfortunate chain of events that would ultimately undermine the credibility of the multilateral trading system."
Mr Ovechko's views stated at a meeting of the WTO's General Council were supported by Cuba, Nicaragua, Venezuela, Argentina, Bolivia, Zimbabwe and Ecuador, said Reuters.
"We are being forced to seek the protection of our rights through WTO mechanisms," said Russian Ambassador Gennady Ovechko.
Adding he was also concerned by sanctions imposed by other WTO members over the Russian sponsored sessionist rebellion against the Goverment of the Ukraine.
The US has hit Russia's largest oil producer, Rosneft; its second largest gas producer, Novatek and its third largest bank, Gazprombank all allegedly having benefited from close association with the Russian leadership.
Canada said it would sanction a range of Russian firms including Gazprombank and Novatek. The EU is considering more sanctions after the downing of a Malaysian airliner in the rebel-held eastern Ukraine.
US Ambassador to the WTO Michael Punke said the United States had weighed its latest sanctions and found they were in line with WTO rules.
"We remain confident that these actions are consistent with WTO obligations," Mr Punke said.
In WTO terms trade restrictions are justified for environmental, health and religious reasons. The American justification can only be made on the grounds of national security, which had never before arisen in a WTO dispute.
"Thus," said the Russian WTO ambassador, "the US actions might cause the unfortunate chain of events that would ultimately undermine the credibility of the multilateral trading system."
Mr Ovechko's views stated at a meeting of the WTO's General Council were supported by Cuba, Nicaragua, Venezuela, Argentina, Bolivia, Zimbabwe and Ecuador, said Reuters.
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