G7 says it will take steps to deny Russia a 'most favoured nation' status

G7 nations said on Friday they will take steps to deny Russia a so-called "most favoured nation" status, which would revoke benefits of Russia's membership of the World Trade Organization (WTO).

"We welcome the ongoing preparation of a statement by a broad coalition of WTO members, including the G7, announcing their revocation of Russia’s Most Favoured Nation status", the G7 countries said in a joint statement released by the White House.

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