Chevron Corporation and OAO Severstal jointly congratulated the completion of negotiations for Russia’s accession to the World Trade Organization. Russia’s entry into the WTO is widely seen as mutually beneficial for Russian and American business interests.

Mr John Watson Chevron Chairman and CEO said “Chevron looks forward to Russia’s accession to the WTO and seeing the country as an active participant in the rules-based trading organization. The US needs to grant Permanent Normal Trade Relations to Russia, ensuring that American companies receive the benefits of Russia’s commitments as a member of WTO.”

Meanwhile, Severstal, one of the world leading steel and steel related mining companies, with assets in Russia, the U.S. and other countries, welcomed news of progress toward Russia’s WTO accession.

Mr Alexey Mordashov Severstal CEO said “This will have a positive impact on conducting business internationally. It will provide a set of global trade rules and principles to resolve issues in relation to joint activities with international business partners. Business communities of Russia and the United States must be commended for their immense efforts to negotiate a mutually beneficial position and enable Russia’s accession to the WTO”.

Mr Watson and Mr Mordashov are co-chairs of the Russia WTO CEO Working Group. As well, Chevron and Severstal have been active participants in the trade organizations supporting the Russia-WTO effort.

On December 15 WTO ministers are expected to approve Russia’s accession package, at which point the agreement will be subject to review and approval by the Russian State Duma.