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Most-favored-nation status allows a country to obtain the best terms of trade offered by its trading partners, such as minimum tariffs or maximum import quotas, ensuring that all countries with MFN status are treated equally
.
After the cancellation, Japan will impose higher tariffs on goods imported from Russia
.
.
After the cancellation, Japan will impose higher tariffs on goods imported from Russia
.
The G7, comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, jointly announced on March 12 that it intends to revoke the status
.
.
Prime Minister Fumio Kishida said Japan would also ban imports from a lengthy list being compiled by the government
.
But to ensure a stable energy supply, Russia's most important export to Japan, liquefied natural gas, will not be banned
.
Japan will also ban the export of luxury goods to Russia
.
.
But to ensure a stable energy supply, Russia's most important export to Japan, liquefied natural gas, will not be banned
.
Japan will also ban the export of luxury goods to Russia
.
Removing Russia's MFN status would raise Japan's tariffs on crab from 4% to 6% and on salmon and trout from 3.
5% to 5%
.
This may not significantly change the export volume of the product, but the profits of Japanese processors may be lower
.
5% to 5%
.
This may not significantly change the export volume of the product, but the profits of Japanese processors may be lower
.
The cod roe trade may not be affected by the revocation of MFN status as the "Interim Tariff Rate" is currently in effect
.
Cod eggs are processed in Japan to make mentaiko and tarako
.
.
Cod eggs are processed in Japan to make mentaiko and tarako
.
According to Japan Customs, the temporary tax rate is usually set based on the current needs of the industry and will always supersede the WTO (most favored nation) rate and the general rate
.
The general rate is 10%, the WTO rate is 6%, and the temporary rate is 4.
2%
.
Therefore, unless cod roe is banned outright, Russian cod roe remains price-competitive with the United States
.
.
The general rate is 10%, the WTO rate is 6%, and the temporary rate is 4.
2%
.
Therefore, unless cod roe is banned outright, Russian cod roe remains price-competitive with the United States
.
Despite the competitive tariffs, Japanese companies may struggle to pay for Russian goods
.
Japan plans to "block major multilateral financial institutions" from providing financing to Russia, including the World Bank and the International Monetary Fund
.
The country has pledged to limit transactions with Russia's central bank and isolate the country from the international financial system
.
.
Japan plans to "block major multilateral financial institutions" from providing financing to Russia, including the World Bank and the International Monetary Fund
.
The country has pledged to limit transactions with Russia's central bank and isolate the country from the international financial system
.
Several Russian banks have been banned from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT)
.
The Vietnam Seafood Exporters and Producers Association said in early March that Russia's ban on SWIFT had complicated financial transactions
.
.
The Vietnam Seafood Exporters and Producers Association said in early March that Russia's ban on SWIFT had complicated financial transactions
.
