LyrArc Article Gist
Russia's parliament voted to ratify Russia's entry into the World Trade Organization by a vote of 238 to 208. Opposition was led by the Communist party. The head of the Economic Expert Group in Moscow, Evsey Gurvich, says the new rules are important for Russia as Russia has no rules of the game today, the new rules will enhance competition. President Putin described the change in this way: "We joined the WTO because our economy is highly dependent on the external market in terms of both production and consumption. Excessive protectionism invariably leads to stagnation, low quality and high prices." The result from loss of revenue with lower tariffs is a loss of revenue of $5.7 billion in 2013, and $7.8 billion in 2014, according to Economic Development minister Belousov. The financial crisis of 2008-2009 convinced Putin that Russia had to participate in the decisions about the world economy because of the direct impact this has on Russia.