THE UK government has placed an export ban on luxury goods to Russia and hiked up import tariffs from the country on iconic products such as vodka.
British vehicles, high-end fashion and art are some of the luxury goods that will no longer be exported to Russia as the West continues to attempt to isolate the country after Vladimir Putin ordered the invasion of Ukraine nearly three weeks ago.
The new import duty hike will represent a 35 percentage point rise on current rates, which are different for each product, and will hit £900m worth of key products such as Russian vodka, metals, fertilisers and other commodities.
All export finance support to Russia and Belarus is also being withdrawn, meaning the UK will no longer issue any new guarantees, loans, and insurance for exports to the countries.
The export ban is part of coordinated action by the UK and its allies in the G7.
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.”
Details of exactly which products are affected by the export ban will be set out soon, but the government said it would likely include high-end fashion, works of art and luxury vehicles.
Britain exported £193m of goods to Russia in January alone and £3bn in 2021.