World Economy

Russia: Sanctions Worst Form of Protectionism

Russia: Sanctions Worst Form of ProtectionismRussia: Sanctions Worst Form of Protectionism

Russian economy minister has urged the World Trade Organization to make global trade free from sanctions. Maksim Oreshkin has called on the trade body to put an end to what he called a “degrading phenomenon”, RT reported. “We’ve been facing a rise in one of the most aggressive forms of protectionism in recent years. I mean sanctions. We have enough evidence proving that protection of companies and their preference on the domestic market is one of the reasons for imposing sanctions against partners in the WTO,” he said at the WTO ministerial conference in Buenos Aires, Argentina. “We should make the global trade system free from this degrading phenomenon.” According to the Russian minister, global trade is facing many challenges, although growth exceeded 3% this year. “The expansion of isolationist and anti-competitive practices poses a threat to openness and fairness of global trade,” said Oreshkin. “The WTO must join current global reforms and adapt to the current realities to withstand turbulent times,” he added.


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