Russia’s Economy Not to Suffer from US Decision to Cancel Trade Benefits: Lawmaker

MOSCOW, October 4 (RIA Novosti) - The Russian economy will not suffer significant losses after the decision of the US authorities to revoke trade preferences for our country, the deputy head of the Russia's Federation Council Committee on Economic Policy, Sergei Shatirov said.

"We are talking about the benefits for Russian goods on the American market... There will be no shocks for Russia's economy," Shatirov told RIA Novosti on Saturday.

"We will look for new markets... It's necessary to adapt, all kind of things can happen," the lawmaker said.

Earlier, Russian Economic Development Ministry told RIA Novosti that the decision of the US authorities would not lead to significant changes in the dynamics and structure of Russian exports, but would instead affect the American companies, which could use these benefits to save on the purchase of products that were either rare or absent at the US market.

The United States excluded Russia from the list of developing countries that were granted reduced tariffs under the Generalized System of Preferences, a corresponding statement by US President Barack Obama was posted on the White House website.