Canada first country to revoke Russia’s and Belarus’s “Most Favoured Nation” status

Canada will be the first country to revoke Russia’s and Belarus’s “Most Favoured Nation” status as a trading partner under Canadian Law.

The Deputy Prime Minister of Canada made the announcement today, March 3, and released this statement about Russia’s ongoing invasion of Ukraine.

“Today I am announcing that Canada will be the first country to revoke Russia’s and Belarus’s Most Favoured Nation status as a trading partner under Canadian Law,” elected officials announced. “We are working closely with our partners and allies to encourage them to take the same step.”

“Simply put, this means that Russia and Belarus will no longer receive the benefits – particularly low tariffs – that Canada offers to other countries that are fellow members of the WTO.”

Instead, Russia and Belarus will be subject to a tariff of 35 per cent on their exports to Canada. The only other country that does not enjoy MFN status with Canada is North Korea.

“Last night, we also announced that Canada will sanction ten executives from Rosneft, Russia’s leading oil company, and from Gazprom, a major Russian state-owned energy company.”

“This will bring the total number of people and entities sanctioned – or in the process of being sanctioned – by Canada since Russia’s illegal occupation of Crimea in 2014 to more than 1,000.”

“As we’ve said from the very beginning of Russia’s barbaric invasion of Ukraine, we will do everything we can to ensure that President Putin, his enablers and hangers-on, and the Russian economy pay the price for his grievous and historic mistake.”

“He cannot and will not be allowed to succeed.”

“President Putin has chosen to invade a sovereign democracy and to take a sledgehammer to the rules-based international order that has created an unprecedented period of economic prosperity.”

“Members of Russia’s financial elite may believe that their close ties to the boardrooms and yacht clubs of the West will protect them, but they are wrong.”

“The Russians and the Russian institutions that form the backbone of President Putin’s failing kleptocracy cannot be allowed to benefit from the prosperity whose very underpinning is being threatened by them.”

“The G7 has already imposed the strongest sanctions ever inflicted on a major economy – on Russia – and more will follow in the days to come.”

The ruble has been down as much as 30 per cent this week.

On Monday, Russia’s Central Bank raised its benchmark interest rate to 20 per cent. The Russian stock market is closed today for the fourth consecutive day.

Moody’s and Fitch have now downgraded Russian government bonds to junk status.

“The economic costs of the Kremlin’s barbaric war are already high, and they will continue to rise.”

“Canada and our allies are united in our condemnation of President Putin and his war of aggression, and we are united in our support for the remarkable Ukrainians who are so bravely resisting his assault.”

“Slava Ukraini! Слава Украіні!”