EU officially recognizes Russia as a market economy
Last Tuesday EU announced that they recognized
Russia as a market economy. With this regard all anti-dumping legislation will have to be amended by the EU and member states accordingly. It is expected this proposal to become EU law in autumn, upon being confirmed by the Council.
Along with this decision, EU made some modifications in the anti-dumping law, aiming to bring EU laws in line with certain WTO developements. In terms of anti-dumping laws, these modifications require to consider Russian companies' own costs and prices when calculating margins, instead of proxy costs and prices from a third country.
This is a major and necessary step for
Russia's accession to the WTO. Now the question is whether
Russia will also, once becoming a part of WTO, immediatley start applying anti-dumping action or retaliation against other countries who have dumped certain products into the
Russia over the past few years.