OREANDA-NEWS. November 15, 2011. Chevron Corporation (NYSE: CVX) and Severstal (LSE: SVST) today jointly congratulated the completion of negotiations for Russia’s accession to the World Trade Organization (WTO). Russia’s entry into the WTO is widely seen as mutually beneficial for Russian and American business interests.

“Chevron looks forward to Russia’s accession to the WTO and seeing the country as an active participant in the rules-based trading organization,” said Chevron Chairman and CEO John Watson. “The U.S. 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’s 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. “This will have a positive impact on conducting business internationally”, said Severstal CEO Alexey Mordashov. “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”.

Watson and 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.