Report on Russia's WTO Commitments Finds Trade Restrictions Growing
In a report on how Russia is living up to its World Trade Organization commitments -- a report produced every other year for Congress -- the U.S. trade representative wrote that Russia has expanded import substitution to state-owned enterprises and private enterprises, including a ban on imported equipment.
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"Russia still restricts bilateral trade through import bans on a wide variety of agricultural products and high tariffs (above their WTO bound rates) on certain industrial products. Russia also limits exports of certain industrial products and, notwithstanding the global food security crisis, restricts a wide variety of agricultural products and agricultural inputs," the report said.
Sanctions, export controls and reputational risk in selling in a country that is trying to conquer its neighbor have led to a decline in bilateral trade, the report said. Russia joined the WTO in 2012, and at that time, the U.S. imported almost $32 billion worth of goods from Russia and exported close to $11 billion worth of goods. Last year, the U.S. imported $15.7 billion worth of goods from Russia and exported $4.5 billion worth.