The UK government has imposed a new round of sanctions against Russian and Belarussian individuals and trade, including steel products, in response to Russia’s invasion of Ukraine.
The UK is to deny Russia and Belarus access to the “Most Favoured Nation” tariff for their exports, thus depriving them key benefits of WTO membership. The initial list of goods – worth £900 million ($1.17 billion) – will now face an additional 35% tariff on top of any existing tariffs, Kallanish notes.
The list includes products that “have been selected to inflict maximum damage on the Russian economy while minimising impact on the UK” and include iron, steel and iron ore. The UK has also banned exports to Russia of luxury products, such as high-end fashion, works of art and luxury vehicles.
Additionally, the UK has widened the list of sanctioned persons, which now also includes Severstal owner Alexey Mordashov.
The measures come in the wake of the EU’s fourth round of sanctions that ban the import from Russia of finished steel products (see separate article).
Earlier this month, the London Stock Exchange suspended trading in 27 companies with links to Russia, including Evraz, Severstal, NLMK and MMK.