Trade with Ukraine and Russia - Update issued 26 April 2022
On 25th April 2022 the UK Government announced new trade measures to support Ukraine following Russia’s illegal invasion.
- The removal of tariffs on all goods from Ukraine, providing much-needed economic support;
- New export ban on products and technology that Russia could use to repress the people of Ukraine. These could include interception and monitoring equipment;
These tariff measures are part of broad UK economic support to Ukraine, including £1bn in loan guarantees. International Trade Secretary Anne-Marie Trevelyan met Ukrainian Ambassador to the UK Vadym Prystaiko in London last week to reiterate the UK’s unwavering support for Ukraine. The full press release is available on Gov.uk.
On Thursday 21 April, the Trade Secretary and Chancellor of the Exchequer Rishi Sunak also announced further trade sanctions against Russia, expanding the list of products facing import bans and increasing tariffs. These include import bans on silver, wood products and high-end products from Russia such as caviar. The UK will also increase tariffs by 35% on around £130m worth of products from Russia and Belarus, including diamonds and rubber. You can read the full press release here.
As a reminder, businesses and traders with questions relating to trading with Ukraine, Russia, and Belarus can submit their enquiries to DIT’s Export Support Service by visiting https://www.gov.uk/ask-export-support-team, or calling the helpline using the number 0300 303 8955.
The full list of sanctions is available here, and you can read the guidance to assist in the implementation of, and compliance with these sanctions here.