The UK government has placed an export ban on luxury goods to Russia and hiked up import tariffs from the country on iconic products such as vodka.
British vehicles, high-end fashion and art are some of the luxury goods that will no longer be exported to Russia as the UK and other G7 leaders continue to attempt to isolate the country after Vladimir Putin ordered the invasion of Ukraine nearly three weeks ago.
The new import tariff hike will represent a 35 percentage point rise on current rates and will hit £900 million worth of key products such as Russian vodka, metals, fertilisers and other commodities.
“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,” Chancellor Rishi Sunak said.
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Source : skynews
