UK Announces New Economic Sanctions Against Russia
The new sanctions will deny Russia and Belarus access to Most Favoured Nation tariffs for hundreds of their exports and ban UK exports of high-end luxury goods to both countries.
On the 15th March, the UK Government announced a ban on exports to Russia of high-end luxury goods, while also hitting hundreds of key products with new import higher tariffs being imposed.
- UK to deny Russia and Belarus access to Most Favoured Nation tariff for hundreds of their exports, depriving both nations key benefits of WTO membership
- UK government publishes initial list of goods worth £900 million - including vodka - which will now face additional 35 percent tariff, on top of current tariffs.
- UK to ban exports of luxury goods to Russia alongside G7 allies.
The following link provides more information https://www.gov.uk/government/news/uk-announces-new-economic-sanctions-against-russia. Please note that the announcement does not provide the precise dates on which the export ban becomes effective or when the additional 35% duty rate on top of existing rates become applicable.
UK Export Finance has also announced that it will no longer issue any new guarantees, loans, and insurance for exports to Russia and Belarus, whilst retaining £3.5 billion of financial support for trade to Ukraine. You can view the UK Export Finance press release here.
HMG officials are hosting two webinars for businesses about the recent changes to UK sanctions relating to Russia:
- UK Sanctions relating to Russia: Briefing by UK Government, Thursday 17 March, 13:00 GMT
The webinar will cover; sanctions legislation overview; new sanctions measures: financial, trade and transport; individual and entity designations; and humanitarian issues. Please register to attend via Eventbrite
- UK Sanctions against Russia, Thursday 24 March, 14:00 – 15:30 GMT
The webinar will cover; the scope of sanctions, scope and application of trade sanctions; financial sanctions: restrictions and general licenses; the Export Support Service and enforcement of trade sanctions. Further details can be found here, and you can register to attend here.
Please do share details of these webinars and announcements with your colleagues and networks as appropriate. The Department for International Trade has tweeted, should you wish to share via your own channels.
We would like to remind Members that if any businesses and traders have any questions relating to trading with Ukraine, Russia, and Belarus, they can submit their enquiries to DIT’s Export Support Service.
Visiting https://www.gov.uk/ask-export-support-team, or calling the helpline using the number 0300 303 8955.