UK Government's new sanctions against Russia will impact high-end luxury goods

The UK Government has today announced it will ban any exports to Russia of high-end luxury goods, whilst also hitting hundreds of products with new import tariffs that represent a 35% hike on current rates.

The export ban will affect categories including high-end fashion, luxury vehicles and works of art.

The Government has said the measures will cause maximum harm to President Putin’s war machine whilst minimising the impact on UK businesses, with the export ban set to come into force shortly.

The Department for International Trade also announced steps to deny Russia access to the "Most Favoured Nation" tariff treatment for key imports and will apply additional tariffs to restrict Russian exports to the UK.

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 starve his regime of the funds that enable him to carry them out.

"The World Trade Organisation is founded on respect for the rule of law, which Putin has shown he holds in contempt. By depriving his government of key benefits of WTO membership, we are denying him further resource for his invasion."

Chancellor of the Exchequer Rishi Sunak added: "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. These tariffs build on the UK’s existing work to starve Russia’s access to international finance, sanction Putin’s cronies and exert maximum economic pressure on his regime."