Factbox-New UK sanctions target Russian luxury goods, steel and iron

March 15, 202272 views0

LONDON (Reuters) – Britain announced a new round of sanctions on Russia on Tuesday, including a ban on the export of luxury goods and 35% tariffs on 900 million pounds ($1.2 billion) worth of Russian imports as punishment for the invasion of Ukraine.

Further sanctions against wealthy Russians are expected to be announced later on Tuesday.

Below is a list of the measures announced by the government on Tuesday:

BAN ON LUXURY GOODS

“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,” the government said in a statement.

“The ban will likely affect luxury vehicles, high-end fashion and works of art.”

END OF MOST FAVOURED NATION STATUS

Britain will “deny Russia and Belarus access to Most Favoured Nation tariff for hundreds of their exports, depriving them of key benefits of WTO membership,” the government said in a statement.

NEW TARIFFS ON IMPORTS

Britain published a list of goods – including vodka – which will now face additional tariffs of 35%, on top of any existing duties.

Iron, steel, wood, copper, aluminium, silver, lead, iron ore and beverages are among the Russian imports that will face the higher tariffs, the government said.

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