The United Kingdom has imposed a new package of sanctions against Russia and Belarus over the attack on Ukraine. Following the EU lead, London is scrapping trade privileges both countries have as the World Trade Organization (WTO) members.
The export of luxury goods to Russia will be banned in other G7 countries. In addition, more than 700 million pounds in levies are imposed on Russian goods, including vodka. The rates will be increased by 35%. Expensive cars, art and designer clothing are also affected.
“Our new tariffs will further isolate the Russian economy from world trade from taking advantage of the rules-based international system it does not respect,” said Finance Minister Rishi Sunak. According to him, the measures will cause “maximum damage” to President Vladimir Putin’s “war machine”.
The Russian oligarchs who have enriched themselves under his protection would lose access to luxury items. Last week, London froze the assets of seven oligarchs and punished 386 Russian parliamentarians.