Russia, EU timber deal paves way for Russia WTO entry

BRUSSELS (BestGrowthStock) – Russia and the European Union have struck a deal on Russian raw material export tariffs that will ease Russia’s entry to the World Trade Organization, Russia’s First Deputy Prime Minister Igor Shuvalov said on Wednesday.

“They (the phasing out of export taxes) will be imposed from the time we ratify our accession to the WTO,” Shuvalov told reporters after a high-level meeting with European Commission officials.

He said Russia was ready to sell a stake in VTB bank (VTBR.MM: ), Russia’s second largest bank, for no less than $3 billion.

(Reporting by Juliane von Reppert-Bismarck, Editing by Foo Yun Chee)

Russia, EU timber deal paves way for Russia WTO entry