The United States of America no longer considers Russia a country with a market economy.
This was reported by the US Department of Commerce.
The Ministryʼs analysis showed that the “extensive” involvement of the state in the Russian economy led to price and cost distortions. Therefore, it isnʼt known for certain whether Russian companies set the prices for imports to the USA fairly.
“This decision allows the United States to apply the full force of its anti-dumping legislation to eliminate market distortions caused by increased Russian government interference in the Russian economy”, the Commerce Department said in a statement.
To calculate anti-dumping duties on imports from Russia, the United States will use market prices and costs from countries that have the same level of economic development and produce the same products.
- In 2002, Washington granted Russia the status of a country with a market economy, which influenced Russiaʼs entry into the World Trade Organization (WTO) in 2012.
- There are 11 more states in the list of countries with a non-market economy, including Belarus, Georgia, Moldova and China.