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Sunday, June 26, 2022

New UK sanctions affect Russian vodka and luxury and fashion car exports

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The UK has announced new sanctions on Russian products, including vodka, as well as a ban on exports of luxury goods such as vehicles, fashion and art.

In steps announced by the international trade department, Britain will deny preferential “most favored nation” tariffs to hundreds of imports from Russia and Belarus, in response to Vladimir Putin’s unprovoked invasion of Ukraine.

Vodka is the most prominent item on a list of imports worth a total of £900m a year that will now face an additional 35 per cent punitive duty. Also on the list are products such as steel, fertilizers, cement, cereal crops, and furs.

The move removes the benefits of World Trade Organization membership for the Moscow and Minsk administrations.

Meanwhile, the UK has joined G7 allies in imposing a ban on all exports of high-end luxury goods to Russia, including iconic cars like Rolls Royce and Bentley, haute couture clothing and fine art, with the intended to deprive oligarchs close to Putin of ostentation. lifestyles they enjoy.

And the government announced that it will no longer issue new guarantees, loans and insurance for exports to Russia and Belarus. Without government support for export credits, any financial backing from the private sector to the region is virtually impossible.

Foreign Minister Rishi Sunak said the new tariffs “will further isolate the Russian economy from world trade” and, in addition to the above measures, will put “maximum economic pressure” on Putin and his cronies.

International Trade Secretary Anne-Marie Trevelyan said: “The UK stands shoulder to shoulder with our international partners in our determination to punish Putin for his barbaric actions in Ukraine, and we will continue our work to deprive his regime of the funds to carry them out.

“The World Trade Organization is built on respect for the rule of law, which Putin has shown he despises. By depriving his government of the key benefits of WTO membership, we are denying him more resources for his invasion.”

Shadow international trade secretary Nick Thomas-Symonds responded: “For weeks Labor has called for tougher sanctions, including a ban on luxury goods, so it is a positive step that ministers have listened and announced this, even though it shouldn’t have taken that long.” .

“Urgent sanctions have been needed so that Putin and his inner circle cannot live the Mayfair lifestyle in Moscow while committing atrocities in Ukraine.

“The government now needs to make sure there are no loopholes in the export ban for it to have maximum impact.”


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