Non-Competitiveness of the Russian Economy

by Olha Povaliaieva
Sunday, November 13, 2022
1 MIN
Non-Competitiveness of the Russian Economy

The United States deprived Russia of the label of a state with a market economy

The US Department of commerce announced the deprivation of the aggressor country of the status of a country with a market economy. This means the abolition of the privileges granted to Russia 20 years ago: the status of a country with a market economy was limited by anti-dumping duties on goods from this country. According to the Ministry, the active participation of the state in the Russian economy has reduced prices and costs, which is reflected in the transparency of the reflection of the prices that Russia set for imports of goods to America.

"This decision allows the United States to use the full force of US anti-dumping laws to address market distortions caused by increased Russian government interference in their economy," US Department of commerce.

In 2002, granting Russia the status of a state with a market economy was the first step for the state to join the World Trade Organization in 2012.

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