The US stated that it no longer considers Russia a country with a market economy and excluded it from the corresponding list. This is stated in a message on the website of the US Department of Commerce.
The states granted this status to Russia 20 years ago, in 2002. He allowed her to avoid anti-dumping duties, that is, sanctions on goods that are sold cheaper than usual on the world market.
“Russian heavy intervention in the economy has led to price and cost distortions that do not accurately reflect whether Russian companies are fair in pricing US imports. As a result of today's decision, the Ministry of Commerce will apply an alternative methodology for calculating duties on imports from Russia,” the Ministry of Commerce said in a statement.
Russian Ambassador to the United States Anatoly Antonov said that the decision of the US Department of Commerce "contradicts logic." According to him, the States will still remain responsible for imbalances in world markets.
The invasion of Ukraine and subsequent sanctions hit the Russian economy hard. Although Russia claims to have been pursuing a policy of import substitution for many years, the sanctions came as a surprise to both industry and the extractive industries. Read about how the Russian economy turned out to be unprepared for sanctions and what awaits its various industries in The Insider.