By UK bans luxury goods exports to Russia
The UK government has placed a ban on exporting luxury goods to Russia in addition to increased import tariffs on items coming from the country.
The UK joins G7 allies in new sanctions against Russia.
In a press release, the UK government have announced luxury goods will no longer be exported to Russia.
It is thought that British vehicles, artwork and high-end fashion are some of the luxury goods that will no longer be exported to Russia.
A list of goods worth around £900 million have been identified and hit with either a ban or a tariff increase.
Imported goods from Russia will face an additional 35 percent tariff with ‘iconic’ Russian vodka just one product targeted.
According to the government statement, the measures announced will cause “maximum” harm to the Russian economy whilst “minimising” the impact on UK businesses.
Chancellor of the Exchequer Rishi Sunak said:
“Our new tariffs will further isolate the Russian economy from global trade, ensuring it does not benefit from the rules-based international system it does not respect”
“These tariffs build on the UK’s existing work to starve Russia’s access to international finance, sanction Putin’s cronies and exert maximum economic pressure on his regime”, he added.
International Trade Secretary Anne-Marie Trevelyan said:
“The UK stands shoulder to shoulder with our international partners in our determination to punish Putin for his barbaric actions in Ukraine, and we will continue our work to starve his regime of the funds that enable him to carry them out”
“The World Trade Organisation is founded on respect for the rule of law, which Putin has shown he holds in contempt. By depriving his government of key benefits of WTO membership, we are denying him further resource for his invasion”, she added.
The announcement on luxury item bans is the latest blow to Russia, following their invasion of Ukraine.
