Canada Slaps Hefty Tariff On Russian Trade

March 3, 2022

In addition to other economic measures, Deputy Prime Minister and Finance Minister Chrystia Freeland has announced the removal of MFN status for Russia and Belarus. The following is an excerpt from CTV news.

Canada is also revoking Russia and Belarus’ “most-favoured nation status” as trading partners, meaning they will be subjected to a 35 per cent tariff on their exports to Canada.

Canada is the first country to take this step, Deputy Prime Minister and Finance Minister Chrystia Freeland said Thursday, adding that the only other nation that Canada subjects to this high tariff and deprives of other associated benefits is North Korea.

CSCB will continue to monitor this news and provide updates for our subscribers.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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The foregoing information is provided for informational purposes only and is not intended as, nor should it be considered, professional advice or a substitute for conducting your own thorough research and review. Before making any decisions or taking any action based on the information provided, you should conduct your own independent investigation and/or seek professional advice from a qualified expert in the relevant field. The CSCB disclaims all liability for actions taken or not taken based on the information provided.

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