UK bans exports of luxury goods to Russia alongside G7 allies

It will deny Russia and Belarus access to the ‘most favoured nation’ tariff for hundreds of their exports, depriving both nations key benefits of membership of the World Trade Organisation (WTO).

Russian vodka is one of the iconic products affected by the tariff increases, while the export ban will likely affect luxury vehicles, high-end fashion and works of art, according to a UK government press release.

“The measures will cause maximum harm to [President Vladimir] 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,” it said.

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 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,” International trade secretary Anne-Marie Trevelyan 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,” chancellor of the exchequer Rishi Sunak said.

“These new measures will further tighten the growing economic pressure on Russia and ensure the UK acts in line with sanctions imposed by our allies,” he added.

Last week, the United Kingdom imposed asset freezes and travel bans on seven leading oligarchs and 386 members of the Russian Duma. The country has also provided humanitarian aid to Ukraine totalling almost £400 million and provided defensive weapons, including more than 3,600 anti-tank missiles, and essential civilian supplies like generators and medicines.

Fibre2Fashion News Desk (DS)