Britain has announced it will ban exports of luxury goods to Russia and impose new tariffs of 35% on Russian imports worth 900 900 million ($ 1.2 billion), including vodka, fertilizers, metals and other commodities.
The move comes after a series of financial sanctions announced by the government to punish Russian President Putin for invading Ukraine.
“Our new tariffs will further isolate the Russian economy from world trade, ensuring that it does not benefit from an international system based on rules that (Russia) does not respect,” said Finance Minister Rishi Sunak.
The British government said the export ban would take effect soon and determine which products were affected, but added that they would likely include high-quality fashion, works of art and luxury vehicles.
Many British companies, including automakers Jaguar Land Rover and Aston Martin, and luxury companies such as Burberry, have already stated that they are temporarily closing their stores in Russia or suspending the supply of goods.
The government said the goods, subject to an additional 35% duty, were selected to minimize the impact on Britain and maximize the impact on the Russian economy.
Britain has also announced that it is suspending all export financing to Russia and Belarus, meaning that it will no longer issue export guarantees, loans or collateral.
Britain’s current exposure to Russia through the Export Credit Agency is around εκα 100 million.
Source: Capital
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