Japan is revoking Russia’s most favored nation trade status as part of further sanctions against Moscow following its invasion of Ukraine, another potential blow to some of Russia's largest seafood exporters.
Prime Minister Fumio Kishida said on Wednesday that most favored nation trade status would be removed with immediate effect, Reuters reported.
Most favored nation is a status or level of treatment accorded by one state to another in international trade. The country in receipt of this treatment should receive equal trade advantages as the most favored nation such as low tariffs or high import quotas.
