UK announces ban on import of silver, wood & high-end products from Russia amid war

In response to Russian aggression against Ukraine, the UK government has announced trade sanctions against Russia on Thursday. The new sanctions have been announced by International Trade Secretary Anne-Marie Trevelyan and Chancellor of the Exchequer Rishi Sunak. In the latest sanctions, the UK government has announced a ban on the import of silver, wood products, and high-end products from Russia including caviar.

UK imposes embargo on more Russian products

The UK government announced an increase in tariffs by 35% points on around £130 million worth of products from Russia and Belarus, including diamonds and rubber. With the latest sanctions, the United Kingdom will now be imposing import tariffs and bans on over £1 billion (rupees 99,46,13,70,000) of Russian goods. According to the statement, the UK government has already increased tariffs on goods from Russia and Belarus and banned the import of many iron and steel products as well as advanced materials and luxury goods.   

'We are steadfast in our support for the people of Ukraine': Rishi Sunak

UK Chancellor of the Exchequer Rishi Sunak has stated that they continue to provide support to Ukraine and impose sanctions against Putin which will take the total import tariffs and bans on Russian goods to more than £1 billion. UK International Trade Secretary Anne-Marie Trevelyan highlighted that Britain continues to support Ukraine and they are working with their allies and partners to place maximum damage on Russian President Vladimir Putin's regime and reduce the money they need to carry out the military offensive in Ukraine.

It is to mention here that ever since Russia's invasion of Ukraine on February 24, the UK and its allies have been providing military and economic aid to Kyiv and imposing sanctions against Moscow. Meanwhile, UK Foreign Secretary Liz Truss announced fresh sanctions against Russian entities including military officials. 

"We are steadfast in our support for the people of Ukraine and these new significant sanctions against Putin will bring the total import tariffs and bans on Russian goods to over £1 billion, imposing further economic pain on Putin’s economy for his barbaric and unjustified attacks on a sovereign nation," Rishi Sunak said in the statement.