Ukraine will now have the power to block Russia's bid, but it is Georgia who is currently stalling Russia's accession, due to the conflict over Abkhazia.
However, Georgia's opposition is only due to Russia's support for the breakaway republics of South Ossetia and Abkhazia. The countries minister for integration was adamant Russia would not join the organization until these tensions were resolved.
Until the Presidential decree for closer ties to Abkhazia, "which infringes upon Georgia's rights, is revoked, it will be an obstacle to Russia's WTO accession," he said on May 16.
The Estonian ambassador, Erosi Kitsmarishvili, confirmed on Tuesday that this is Georga's only reason for blocking Russia's bid.
However, Medvedkov opposed these statements from Georgia, arguing that they are unrelated to Russia's WTO bid and that there were other platforms for these bilateral problems.
Joining the WTO will present some significant opportunities for the economy. Upon accession, Russia would benefit from better terms of trade with member states and the lowering of trade barriers.
However, Russia would also have to remove some of its tariffs, as the bilateral treaties seek to ensure all member states face the same terms of trade.
This week the Minister of Agriculture, Alexei Gordeyev, expressed concerns about joining the WTO as the competition would affect Russian production. Although Russia currently imports 41 percent of its meat products, he believes that Russia can become agriculturally self sufficient, while simultaneously becoming a food exporter.
