Export Update: UK announces new economic sanctions against Russia

• UK to deny Russia and Belarus access to Most Favoured Nation tariff for hundreds of their exports, depriving both nations key benefits of WTO membership
• UK government publishes initial list of goods worth £900 million – including vodka – which will now face additional 35 percent tariff, on top of current tariffs.
• UK to ban exports of luxury goods to Russia alongside G7 allies.

The UK Government has today (15th March 2022) announced a ban on exports to Russia of high-end luxury goods, while also hitting hundreds of key products with new import tariffs that represent a 35 percentage point hike on current rates.

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.

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.

Click here for the full list of Russian and Belarusian imports to the UK with additional 35% tariffs in place from next week.