Ovunc Kutlu
15 March 2022•Update: 15 March 2022
ANKARA
The UK government on Tuesday announced new sanctions on Russia, banning exports of high-end luxury goods and hitting hundreds of key products with new import tariffs.
Hundreds of key products worth £900 million ($1.17 billion) face new import tariffs representing a 35 percentage point hike on current rates, the government said in a statement.
Some products affected by the tariff increase include imported Russian vodka, while some export items are luxury vehicles, high-end fashion, and works of art.
"The measures will cause maximum harm to Putin’s war machine while minimizing the impact on UK businesses as G7 leaders unite to unleash a fresh wave of economic sanctions on Moscow," the statement said.
The UK government said it will deny Russia and Belarus access to most favored nation tariffs for their exports, depriving both nations of key benefits of their World Trade Organization (WTO) membership.
The UK has also cut off export finance support to Russia and Belarus, and it will no longer issue any new guarantees, loans, or insurance for exports to those two countries.
"Severe economic sanctions have diminished business prospects in both countries, and this decision further reflects the economic impact of the rapidly escalating and unprecedented action taken by the UK and its allies," the government said in a separate statement.
It noted that the UK’s export credit agency will continue to support trade with Ukraine with a £3.5 billion capacity.
