Putin gives govt until summer to draft updated strategy for Russia in WTO in light of restrictions on Russian cos

MOSCOW. April 20 (Interfax) - Russian President Vladimir Putin has given the government until June 1 to prepare an updated strategy for Russia's actions within the World Trade Organization (WTO) in light of the restrictions that have been imposed on the Russian metal industry by a number of Western countries that he says go against WTO norms.

"Today, we're reviewing issues concerning the development of the metallurgical complex. Together with members of the government and business community leaders, we'll discuss strategic tasks for the sector, as well as the challenges facing our companies. I will note that Russia is an unquestionable leader in the global metal industry. We're in the top five by steel production volumes and hold a leading position in the production of a number of non-ferrous metals. Cooperation with Russian metallurgists has always been and remains predictable and mutually advantageous for foreign buyers and partners," Putin said during a videoconference on the development of the metallurgical complex.

"That being said, illegitimate restrictions have recently been imposed on our companies by Western states. We know about this. We're talking not only about a ban on supplies of finished products, but also about the acquisition of certain parts for the production of rolled metal products, steel sheets, rebar, and so on. I will emphasize: these measures run counter to the principles of the World Trade Organization, adherence to which European colleagues have gone on and on about," he said.

"In connection with this, I charge the government with comprehensively assessing the legality of the decisions made by Western counterparties, as well as with preparing an updated strategy for our actions in the World Trade Organization. I ask that this work be completed by June 1 of this year," Putin said.

"I will add that these unfriendly steps in relation to Russian metallurgists are being taken in favor of passing political interests. Using this pretext, ties that were developed over years, that were based on sensible things like business reputation, mutual interest, and financial viability have been crossed out," he said.