The UK Government has slapped Russian export bans on luxury goods such as fast cars, brand fashion and hiked import tariffs on vodka to increase further pressure on Vladimir Putin’s regime.
A fresh export ban will “likely affect luxury vehicles, high-end fashion and works of art”, while putting a 35per cent increase to import tariffs on Russian goods such as vodka.
The tougher economic sanctions are designed to “cause maximum harm to Putin’s war machine”, according to a Government spokesperson.
Russian brutality in Ukraine has continued for a 20th day, with air strikes bombing residential buildings in the capital Kyiv.
Britain is poised to announce a fresh round of sanctions on powerful Russian oligarchs this afternoon (March 15) as the Economic Crime Bill goes through its final stages at Westminster.
The legislation will make it easier to push through tougher restrictions on Putin’s cronies after the UK faced criticism over the speed of its sanctions process, according to Mirror Online.
Alongside sanctions against individuals, the UK is piling pressure on trade to make life increasingly difficult for the wealthy elites supporting the Kremlin.
Russia and its ally Belarus will be denied access to “Most Favoured Nation” tariff for hundreds of their exports, depriving both nations key benefits of being members of the World Trade Organisation.
An initial list of goods worth £900 million - including vodka - will now face additional 35% import tariffs, on top of current tariffs.
Other products include iron and steel, fertiliser, cereals, fur, glass and glassware, antiques and white fish.
The UK will also ban exports of luxury goods to Russia alongside G7 allies, which will come into force “shortly”.
Britain exported £193 million of goods to Russia in January alone and £3 billion in 2021.
UK Export Finance, the UK’s export credit agency, has also supported £189.9 million of exports to Russia since the 2014 invasion of Crimea, mostly for oil and mining companies and for deals involving companies whose owners have now been sanctioned by either the US, EU or UK.
Another £7.6 million was supported for exports to Belarus in the same period.
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.”
She said the UK was determined to deny Putin “further resources for his invasion” of Ukraine.
Chancellor 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.”
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