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The lower house of Japan on Thursday approved draft amendments to the country's customs legislation to deprive Russia of the most-favoured-nation status, implying a temporary increase in duties on imports.The voting was broadcasted on the house's website.The most-favored-nation status is one of the basic principles of the World Trade Organization (WTO), which provides for equal duties on trade for all organization's members. Depriving a country of the most-favored-nation status implies an increase in customs duties for its goods. Tariffs on imports from Russia on crab meat will rise from 4% to 6 per cent, on sea urchins from 7 per cent to 10 per cent, and on salmon from 3.5 per cent to 5 per cent.However, tariffs on Russia's exports of liquefied natural gas and coal to Japan will not be raised as these were zero even before Moscow was granted the most-favored-nation status.Moreover, the measures provide for tightening control over currency regulation, in particular on operations with cryptocurrencies, to prevent Moscow from circumventing imposed sanctions.The increase in duties will be introduced by the end of March 2023.On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. In response, the European Union rolled out a comprehensive sanctions campaign against Moscow, which includes airspace closures and restrictive measures targeting numerous Russian officials and entities, media and financial institutions.Japan has sanctioned 499 Russian individuals, including top-level officials and businesspersons, nine banks and about 40 organizations. Moreover, 130 Russian entities were banned from exports of semiconductors, lasers, software, jet engines and oil refinery equipment. Japan has also banned the exports of luxury goods to Russia.The volume of exports to Russia from Japan was USD 7.5 billion in 2021. According to preliminary estimates, depriving Russia of the most-favored-nation status could increase Japan's tax revenues by some USD 29.7 million a year. (ANI/Sputnik)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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