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U.S. Downgrades Russia to Nonmarket Economy
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WASHINGTON—The Commerce Department said Thursday it has reclassified Russia as a nonmarket country from a market economy, a move aimed at further reducing bilateral trade and isolating Russia amid its continued war in Ukraine.
The department said the decision follows significant increases in Moscow’s intervention in economic activities since last year that have made its economy unpredictable and distorted, including in currency markets, labor relations and foreign investments.
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