Home England government UK government announces new sanctions against Russia, including export ban and tariffs

UK government announces new sanctions against Russia, including export ban and tariffs

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Britain’s Chancellor of the Exchequer Rishi Sunak holds a press conference in the Downing Street briefing room on February 3 in London, England. (Justin Tallis/AFP/Getty Images)

The British government has announced a new round of sanctions against Russia, including a ban on the export of luxury goods to Russia and tariffs on Russian products worth more than $1 billion. .

The UK will also deny Russia and Belarus access to its most-favoured-nation trade tariff for hundreds of their exports, depriving both countries of major benefits from membership of the World Trade Organization. trade.

The additional 35% customs duty on Russian goods will be applied to imports, including vodka, steel, artwork and fur.

“Our new tariffs will further insulate the Russian economy from global trade, ensuring that it does not benefit from the rules-based international system which it does not respect,” British Chancellor Rishi Sunak said in a statement released on Tuesday.

“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. These new measures will further increase economic pressure growing pressure on Russia and will ensure that the UK acts in accordance with the sanctions imposed by our allies.”

The government said it would publish details of the export ban at a later date, but said previous bans included items such as high-end fashion, art and luxury vehicles.

The full list of Russian goods subject to import duties are: iron, steel, fertilizers, wood, tires, railway containers, cement, copper, aluminum, silver, lead, iron ore, food residues/waste, beverages , spirits and vinegar (including vodka), glass and glassware, cereals, oilseeds, paper and cardboard, machinery, works of art, antiques, furs and artificial furs, ships and white fish.