The UK government has announced new economic sanctions against Russia banning exports of high-end luxury goods to Russia and imposing 35% new import tariffs on iron and steel imports from Russia and Belarus, over and above any existing tariffs. Accordingly, the tariffs cover all products under chapters 72 and 73 and include iron ore, alongside other products such as copper, aluminium, machinery, cement, glass, cereals and vodka. The 35% tariff will apply on top of any antidumping duties and safeguards. UK’s International Trade Secretary Ms 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 Organization 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.”The measures will cause maximum harm to Putin’s war machine while minimising the impact on UK businesses as G7 leaders unite to unleash a fresh wave of economic sanctions on Moscow. The export ban will come into force shortly and will make sure oligarchs and other members of the elite, who have grown rich under President Putin’s reign and support his illegal invasion, are deprived of access to luxury goods. Denying Russia access to Most Favoured Nation tariff treatment for key imports and applying additional tariffs will restrict Russian exports to the UK. The UK is working with our international partners and is supporting the World Trade Organization to prevent those who fail to respect the rules-based international order from reaping its benefits.
The UK government has announced new economic sanctions against Russia banning exports of high-end luxury goods to Russia and imposing 35% new import tariffs on iron and steel imports from Russia and Belarus, over and above any existing tariffs. Accordingly, the tariffs cover all products under chapters 72 and 73 and include iron ore, alongside other products such as copper, aluminium, machinery, cement, glass, cereals and vodka. The 35% tariff will apply on top of any antidumping duties and safeguards. UK’s International Trade Secretary Ms 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 Organization 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.”The measures will cause maximum harm to Putin’s war machine while minimising the impact on UK businesses as G7 leaders unite to unleash a fresh wave of economic sanctions on Moscow. The export ban will come into force shortly and will make sure oligarchs and other members of the elite, who have grown rich under President Putin’s reign and support his illegal invasion, are deprived of access to luxury goods. Denying Russia access to Most Favoured Nation tariff treatment for key imports and applying additional tariffs will restrict Russian exports to the UK. The UK is working with our international partners and is supporting the World Trade Organization to prevent those who fail to respect the rules-based international order from reaping its benefits.
