Japan will raise tariffs for salmon, red caviar, crabs from Russia

The Japanese government plans to introduce a bill that would raise tariffs on some Russian imports and strip Moscow of its most favored nation status in trade over the situation in Ukraine, NHK reported. The finalized bill should be presented at the current session of the Japanese Parliament, which will last until the end of June. Once the bill becomes law, the tariff on Russian salmon and red caviar will increase from 3.5% to 5%. For crabs, the tariff will increase from 4% to 6%. The tax on most timber products will increase from 4.8% to 8%. The higher rates are expected to remain in effect until March next year. The proposed measure will not affect liquefied natural gas, coal, crude oil, and palladium, as they are not subject to duties.