Exports and Imports
• The Government has announced a ban on exports to Russia of high-end luxury goods, while several products will be hit with new import tariffs.
• Russian vodka is one of the iconic products affected by the tariff increases, while the export ban will likely affect luxury vehicles, high-end fashion and works of art. The export ban will come into effect shortly.
• Russian imports of the following products will face an additional tariff increase of 35%, over and above any existing tariff rate. These products include: iron, steel, fertilisers, wood, tyres, railway containers, cement, copper, aluminium, silver, lead, iron ore, residue/food waste products, beverages, spirits and vinegar (this includes vodka), glass and glassware, cereals, oil seeds, 2 paper and paperboard, machinery, works of art, antiques, fur skins and artificial fur, ships and white fish.
• The Government has announced a ban on imports of iron and steel products.