UK Adds More to Russia Sanctions List, Bans Export of Luxury Goods to Russia
The U.K. announced a new wave of restrictions on Russia and Belarus following their invasion of Ukraine, adding 350 individuals to the restrictions list and banning the export of luxury goods to Russia. The listed parties include members of the Federation Council of Russia, per the Office of Financial Sanctions Implementation's notice. OFSI also amended the entries for Anatoly Vyborny and Aleksei Chaliy.
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The Department for International Trade laid out the trade-restricing measures, which include the luxury goods ban and efforts to deny Russia and Belarus access to most favored nation status for "hundreds of their exports." This move will deprive the two nations the benefits of World Trade Organization membership, the DIT said. The DIT also added a 35% tariff to current tariff rates on hundreds of millions of dollars' worth of goods, including vodka.
"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," International Trade Secretary Anne-Marie Trevelyan said. "The World Trade Organization 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."