Japanese parliament is set to deliberate on a draft amendment to the customs legislation seeking to deprive Russia of the most-favored-nation status, entailing a temporary increase in duties, Japanese media reported on Tuesday
TOKYO (Pakistan Point News / Sputnik - 05th April, 2022) Japanese parliament is set to deliberate on a draft amendment to the customs legislation seeking to deprive Russia of the most-favored-nation status, entailing a temporary increase in duties, Japanese media reported on Tuesday.
Customs duties on goods imported from Russia such as crab meat will increase from 4% to 6%, on sea urchin from 7% to 10%, on salmon from 3.5% to 5%, Japanese broadcaster NHK said, adding that the import duty on timber may also be increased from 4.8% to 8%.
At the same time, tariffs on such important import items as liquefied natural gas or coal will not be raised, the media added.
The amendment is expected to be approved during the current session of parliament, while the tariff increase will be introduced by the end of March 2023, the report noted.
Japan has imposed several sanctions against Russia due to Russia's special military operation in Ukraine. Japan's sanctions list includes 101 Names and 130 organizations from Russia.
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. Russia said that the aim of its special operation is to "demilitarize and denazify Ukraine."
On March 18, Japan imposed a ban on the export to Russia of about 300 products, including semiconductors, radars, sensors, lasers, communications equipment, gas turbine engines for aircraft and their components, equipment for oil refining. A ban has been introduced on the export of luxury goods to Russia, including luxury cars, motorcycles and expensive alcohol, jewelry and clothing.
The volume of exports to Russia from Japan was worth $7.5 billion in 2021. According to preliminary estimates, tax revenues after Japan's decision to deprive Russia of the most-favored-nation status could increase by about $29.7 million a year.
Russia has enjoyed the benefits of the most-favored-nation status as a member of the World Trade Organization (WTO) since 2012.
