The UK will deny Russia and Belarus most-favored-nation access to hundreds of their exports, depriving both countries of the key benefits of WTO membership.
"The UK Government has today announced a ban on exports to Russia of high-end luxury goods, while also hitting hundreds of key products with new import tariffs that represent a 35 percentage point hike on current rates. 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 statement says.
The UK will ban exports of luxury goods to Russia along with G7 allies.
It is clarified that the export ban will come into force in the near future, and denial of Russia's access to the most-favored-nation tariff regime for key imports and the application of additional tariffs will limit Russian exports to the UK.
The UK government has also announced that it will no longer issue any new guarantees, loans or insurance for exports to Russia and Belarus. It is noted that without state support for export credits, any financial support for the region from the private sector is almost impossible.