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The EU’s iron and steel measures are more likely to give Putin a headache than the UK’s luxury goods export ban

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UK to ban luxury goods exports to Russia

STORY: Britain said on Tuesday (March 15) that it would ban luxury goods exports to Russia, as well as impose a new 35% tariff on Russian imports worth 900 million pounds, or about $1 .2 billion. The announcement is the latest in a series of economic sanctions announced by the government to punish Russian President Vladimir Putin over the conflict in Ukraine. Finance Minister Rishi Sunak said in a statement that the tariffs “will further isolate the Russian economy from world trade.” it would likely include high-end fashion, art, and luxury vehicles. Several British companies, including Jaguar Land Rover, Aston Martin and Burberry, have already said they will temporarily close their outlets in Russia or suspend product supplies. The government said the products subject to the new tariffs had been chosen to minimize the impact on Britain and maximize the impact on the Russian economy. Products include vodka, metals, and fertilizers. no longer issue new guarantees, loans or insurance for exports.

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