
Japan will revoke Russia’s "most favored nation" (MFN) trade status in response to its invasion of Ukraine, the country's Prime Minister Fumio Kishida said in a news conference on Wednesday.
As a member of the World Trade Organization, Russia is treated as a MFN, which gives it equal access to all the WTO members' markets and guarantees equal tariffs.
Japan's latest move follows President Joe Biden's announcement Friday that the US, along with G7 nations and the European Union, intended to revoke Russia’s MFN status.
During the news conference, Kishida called the Russian invasion of Ukraine a "historic atrocity" and said that Japan would continue to work closely with G7 nations to strengthen financial sanctions against Russia.
Kishida said Tokyo would further expand the scope of asset freezes against Russian oligarchs close to the Putin administration, prevent Russia from using digital currencies to avert sanctions and ban imports of specific products from the country.
Tokyo will also work with G7 nations to prevent Moscow from tapping loans from the International Monetary Fund, Kishida said.
Japan will also collaborate with international aid agencies to deliver food and medicine to Ukrainians, he continued, adding that the country had started accepting evacuees from Ukraine and called on the public's support.