UK bans luxury exports to Russia along with G7 allies

The UK Government has announced a ban export to Russia luxury goods and high-end products, while hitting hundreds of key products with a new import tax, representing an increase of 35 percentage points compared to the current tax rate. The ban will take effect soon and will ensure the oligarchs and other members of the elite are stripped of their access to luxury goods.

It would deny Russia and Belarus access to ‘most-favoured-nation’ tariffs on hundreds of their exports, stripping both nations of the key benefits of being members of the bloc. World Trade Organization (WTO).

According to a UK government press release, Russian vodka is one of the iconic products affected by the tariff hike, while the export ban is likely to affect luxury cars. haute couture and works of art.

The British government has announced a ban on exports to Russia of high-end luxury goods, and imposed a new import tax on hundreds of key products, raising the current rate by 35 percentage points. The ban will take effect soon and will ensure the oligarchs and other members of the elite are stripped of their access to luxury goods.

“These measures will cause maximum harm to [President Vladimir] Putin’s war machine while minimizing the impact on UK businesses as G7 leaders unite to usher in a new wave of economic sanctions against Moscow,” it said.

Denying Russia access to most-favoured-nation tariff treatment for key imports and imposing additional tariffs would limit Russian exports to the UK.

“The UK stands with our international partners in their determination to punish Putin for his barbaric actions in Ukraine, and we will continue our work to starve his regime. about the funds that allow him to do them,” said international trade secretary Anne-Marie Trevelyan.

“Our new tariffs will further isolate the Russian economy from global trade, ensuring that the Russian economy does not benefit from the rules-based international system it does not respect.” , Prime Minister Rishi Sunak said.

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

Last week, the UK imposed asset freezes and travel bans on seven top oligarchs and 386 members of the Russian Duma. It has also provided humanitarian aid to Ukraine totaling nearly £400 million and has provided defensive weapons, including more than 3,600 anti-tank missiles, and essential civilian supplies such as generators and medicine. yeast.

Fiber2 Fashion News Desk (DS)

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