The UK government has announced new economic sanctions against Russia today. Accordingly, the government has banned exports of high-end luxury goods to Russia and imposed 35 percent new import tariffs on iron and steel imports from Russia and Belarus, over and above any existing tariffs.
Accordingly, the tariffs cover all products under chapters 72 and 73 and include iron ore, alongside other products such as copper, aluminium, machinery, cement, glass, cereals and vodka. The 35 percent tariff will apply on top of any antidumping duties and safeguards.
The trade association UK Steel stated that it welcomes the swift action taken by the UK government following the EU’s ban on steel imports a few days earlier, though it added that these new tariffs may have unexpected impacts.