UK bans luxury goods exports to Russia

The UK government has announced further measures to punish Russia for its invasion of Ukraine, by placing a ban on the export of luxury goods to the country as well as increasing tariffs on goods imported from there. The increase in tariffs includes iconic products such as Russian vodka.

High end British goods have been popular in an increasingly wealthy Russia, with expensive vehicles and fashion amongst the items sought after in the country. The ban, which will come into effect immediately, adds to a long list of sanctions designed to isolate and punish the country for the conflict that followed Putin’s invasion of the country nearly three weeks ago.

Whilst the exports aren’t likely to hurt the country directly, the 35 percentage point increase in import duties applicable to goods of Russian origin will. Currently some £900 million (1,108 million euros) worth of key products such as Russian vodka, metals, fertilisers and other commodities are imported into the UK annually.

Chancellor Rishi Sunak told Sky News: “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.”

The move by the UK that bans luxury goods exports and imports to and from Russia is likely to hurt the UK economy more, however it does have the potential to turn the tide of sentiment in the country as people become increasingly aware that favoured goods are no loner available.

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