MOSCOW, Nov 9 (PRIME) -- Russia has good chances to contest the U.S. steel and aluminum duties at the World Trade Organization (WTO), Economic Development Minister Maxim Oreshkin said in an interview with Izvestia daily released on Friday.
“Prospects are very good. Measures that were introduced by the U.S. obviously contradict the WTO rules. We are absolutely sure in our position. The decisions taken by the U.S. are so distant from what happened before so that the decision of the WTO court will be univocal,” Oreshkin said.
In March, the U.S. imposed a 25% duty on steel and a 10% duty on aluminum imports justifying the step by national security needs.
In October, the U.S. blocked the establishment of an arbitration group at the WTO for consideration of the dispute on tariffs for steel and aluminum. A spokesperson for the Economic Development Ministry said that Russia plans to file one more request to the WTO in November for establishment of an arbitration group on the dispute.
Speaking on other issues, Oreshkin said that settlements in national currencies between Russia and China will not have a significant impact on the ruble rate.
He said it is necessary to ease regulation and the government should provide support for liquidity of exchange transactions at the first stage.
“It is necessary that a Russian company, which buys something in China, or a Chinese company, which buys something in Russia, could make a conversion without using third currencies, because they always bear additional costs,” Oreshkin said.
“The ruble is on the whole a stable currency. The macroeconomic policy in part of inflation targeting and budget rule that is being implemented in our country has a much more impact on the (ruble) rate,” he said.
Igor Shuvalov, CEO of state-owned Vnesheconombank (VEB), said on Wednesday that Russia and China could sign an agreement on settlements in national currencies by the end of this year.
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