Russian Vodka Hit With Higher Tariffs As UK Announces New Economic Sanctions
2 min read
The government has announced further economic sanctions on Russia over its invasion of Ukraine, that will affect luxury goods and vodka.
Vodka will face a massive increase in import tariffs, and going the other way there is an export ban on a number of luxury goods to the country.
The government said it wanted to “cause maximum harm to Putin’s war machine while minimising the impact on UK businesses”.
Last night the new Economic Crime Act was passed through Parliament, which will allow the UK to vastly increase the number of individuals linked to the Kremlin it can sanction.
Today’s announcement will hit hundreds of Russian products with a 35% increase on import tariffs, including “luxury vehicles, high-end fashion and works of art”.
Russia will also lose its designation as a ‘Most Favoured Nation’ when it comes to trade will restrict both imports and exports to the UK.
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.
“The World Trade Organisation 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.”
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