Britain says it will ban the export of luxury goods to Russia and impose a new 35 per cent tariff on 900 million pounds (1.2 billion dollars) worth of Russian imports.
Britain Finance Minister Rishi Sunak said in a statement on Tuesday that the move followed a series of economic sanctions announced by the government to punish Russian President Vladimir Putin for invading Ukraine.
Further sanctions against wealthy Russians are expected to be announced later on Tuesday.
“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.”
Russia says it is carrying out a “special operation” to disarm and “denazify” Ukraine, which Kyiv and its allies call a baseless pretext to invade a democratic nation of 44 million people
Sunak said the export ban would come into effect shortly and it would soon set out which products were affected.
Read Also: Ukraine: UK Slaps Heavy Tariffs On Vodka, Other Russian Imports
He added they would likely include high-end fashion, works of art and luxury vehicles.
Many British firms including carmakers Jaguar Land Rover and Aston Martin and luxury fashion label Burberry have already said they are temporarily shutting their outlets in Russia or suspending the supply of goods.
He said the goods subject to an additional tariff of 35 per cent had been chosen to minimise impact on Britain while maximising impact on the Russian economy.
The goods include iron, steel, fertilisers, wood, tyres, railway containers, cement, copper, aluminium, silver, lead, iron ore, residue/food waste products and beverages.
Others include spirits and vinegar glass and glassware, cereals, oil seeds, paper and paperboard, machinery, works of art, antiques, fur skins and artificial fur, ships and white fish.
The minister said it was cutting off all export finance support to Russia and Belarus, meaning it will no longer issue any new guarantees, loans or insurance for exports.
Existing British exposure to Russia through its export credit agency is around 100 million pounds.
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