06:52 GMT +3 hours29 August 2016
Live
World

Russia Threatens Lawsuits With WTO Over New Western Sanctions

World
Get short URL
08400

New Western sanctions against Russia give Moscow additional incentives to appeal them in the World Trade Organization as they contradict the WTO regulations, Economic Development Minister Alexei Ulyukayev said Friday.

Updated 10:37 pm Moscow time

BRUSSELS, September 12 (RIA Novosti) - New Western sanctions against Russia give Moscow additional incentives to appeal them in the World Trade Organization as they contradict the WTO regulations, Economic Development Minister Alexei Ulyukayev said Friday.

“I believe that even the previous round of sanctions was the reason enough to appeal with the WTO. And we will certainly do it,” Ulyukayev told reporters in Brussels.

“We will not rush the issue and prepare our appeals in the most argumentative and well-warranted manner,” the minister said.

The European Union and the United States on Friday ratcheted up sanctions on Russia over its alleged involvement in the Ukrainian crisis – the claim that Moscow has repeatedly denied.

On Thursday, presidential aide Andrei Belousov claimed Russia had already launched preparations in order to legally dispute the Western economic sanctions against Moscow before the WTO. The official also warned that losing the legal battle against Western economic restrictions, which Russia considers to be illegal and inconsistent with the WTO principles, would pose a major negative international precedent.

On Friday, the European Union and the United States ratcheted up sanctions on Russia over its alleged involvement in the Ukrainian crisis – the claim that Moscow has repeatedly denied. The newly-imposed restrictions target Russian banking, oil and defense sectors. The sanctions complicate access to EU and US credit for a number of key Russian banks and oil and defense companies. In addition, they banned the provision of technical and other assistance to Russian companies in oil exploration and production, specifically in the areas of Arctic Sea drilling and shale oil projects. Russian President Putin labeled the sanctions as counterproductive and ineffective, while both EU and American officials suggested that the sanctions could be reviewed, reevaluated and removed if the situation in Ukraine improves.

Tags:
sanctions, WTO, EU, Alexei Ulyukayev
Community standardsDiscussion
Comment via FacebookComment via Sputnik
  • Сomment
Top stories