UK government announces fresh sanctions on Russia, including export ban and tariffs

UK government announces fresh sanctions on Russia, including export ban and tariffs
# 15 March 2022 16:29 (UTC +04:00)

The UK government has announced a fresh round of sanctions on Russia, including banning the export of luxury goods to Russia and tariffs on Russian goods worth more than $1 billion, APA reports citing CNN.

The UK will also deny Russia and Belarus access to its most favored nation trading tariff for hundreds of their exports, effectively depriving both countries from key benefits of their World Trade Organization membership.

The additional 35% tariff on Russian goods will be applied to imports including vodka, steel, works of art and fur.

"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," UK Chancellor Rishi Sunak said in a statement released on Tuesday.

The government says it will release details of the export ban at a later date, but said previous bans had included items like high end fashion, art and luxury vehicles.

The full list of Russian goods facing import tariffs is: Iron, steel, fertilizers, wood, tires, railway containers, cement, copper, aluminum, silver, lead, iron ore, residue/food waste products, beverages, spirits and vinegar (this includes vodka), glass and glassware, cereals, oil seeds, paper and paperboard, machinery, works of art, antiques, fur skins and artificial fur, ships and white fish.

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