How Russia’s Lost Trade Rights Leads to Import Bans on Diamonds, Platinum, Vodka

Some of the world’s largest economies are taking the unprecedented step of revoking Russia’s basic trading rights at the World Trade Organization, putting it in the company of other pariah states such as Cuba and North Korea. They’re canceling Russia’s “most-favored-nation” status at the global trade body, clearing the way for more bans on Russian imports or higher tariffs on Russian goods such as diamonds and platinum. The goal is to further isolate Russia and ratchet up pressure on President Vladimir Putin to end the war in Ukraine.

The Geneva-based WTO oversees a set of baseline tariffs for global trade in goods and services. All 164 members agree to deal with each other equally under most-favored nation treatment, known as MFN. It’s a cornerstone principle of the WTO and a key reason for nations to participate in the body because it allows all members -- no matter how large or small -- to be treated on roughly equal terms.