Luxury items 

Truss deals £1billion hit to Russian luxury goods – diamonds damage Putin’s last lifeline

On Thursday, the British government announced a new round of sanctions, including additional import restrictions and high taxes on Russian products. Import bans on silver, wooden items and high-end Russian products, including caviar, are among the most recent measures.

The measure aims to increase pressure on Russia’s collapsing economy as President Vladimir Putin steps up his invasion of Ukraine, now in its ninth week.

The UK’s Department for International Trade said tariffs on around £130m of imports from Russia and Belarus, including diamonds and rubber, will rise by 35 percentage points.

“The UK continues to stand with Ukraine and is working closely with our international partners to inflict maximum damage on the Putin regime, cutting the resources and funds it needs to fight this war. illegal,” said Anne-Marie, Secretary of International Trade. Trevelyan said in a statement announcing the sanctions.

“We are using every chance we have to increase pressure on the Russian economy, and these new sanctions will tighten the screws even further, cutting off the lucrative sources of funding for Putin’s war machine.”

The ‘substantial measures’, according to Chancellor Rishi Sunak, would increase total UK import duties and bans on Russian products to nearly £1billion, ‘inflicting further economic hardship on the economy of Putin for his savage and unjustifiable attacks on a sovereign nation”.

Many iron and steel items from Russia and Belarus have already been banned in the UK, as have some luxury goods exports to Russia.
Sanctions imposed last month banned the transfer to Russia of luxury cars, designer clothes and accessories, precious stones and works of art valued in the hundreds of millions of pounds.

The action was carried out with the aim of depriving Russian oligarchs and other members of the country’s elite of their high-end products.

Import duties on items worth more than £900million, including Russian vodka, have also hit Russia.

The additional trade restrictions follow the British government’s announcement earlier this week of 26 new sanctions targeting “defence actors” in the Ukraine conflict, including military generals and defense contractors.

The new wave of sanctions was imposed in response to Russia’s “continued campaign of aggression in Ukraine” and its renewed assault on the eastern territories of Donetsk and Luhansk, according to the Foreign Ministry.

He said evidence indicated that civilian infrastructure, such as hospitals, schools and transport, were being deliberately attacked in the severely besieged city of Mariupol.

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