UK decides to lift all tariffs & restrictions on Ukrainian exports amid Russian invasion

As the Russia-Ukraine war has entered its 62nd day, the United Kingdom has recently announced further steps to help Ukraine in its battle with Russia, including the removal of all tariffs covered by the current UK-Ukraine trade agreement and the imposition of new penalties on the Putin administration. According to the press release from the Department for International Trade, under the free trade agreement, all taxes on items imported from Ukraine would be lifted, and all restrictions will be withdrawn, giving the war-torn nation economic assistance in their time of need. Further, when the Prime Minister of the United Kingdom, Boris Johnson visited Kyiv earlier this month, he had promised to lower tariffs to help Ukraine's economy withstand the crisis. In addition to this, the British government has declared an embargo on the export of certain products and technology to Russia, including interception and monitoring equipment. According to an Independent report, the export of electronic equipment that may be used to spy on Ukrainians will be prohibited. This will plug the gaps in the system, ensuring that Russia does not purchase these commodities from the UK, the press reads. Zelenskyy's government requested to liberalise tariffs and help the Ukrainian economy The announcement came at a time when the embattled President Volodymyr Zelenskyy's government requested to liberalise tariffs and help the Ukrainian economy. Tariffs on essential Ukrainian exports such as barley, honey, canned tomatoes, and chicken will be lifted, supporting Ukrainian firms and farmers. According to the press release, last week, International Trade Secretary Anne-Marie Trevelyan visited the Ukrainian Ambassador to the United Kingdom, Vadym Prystaiko, in London to reaffirm Britain's unflinching support for Ukraine and to lay out the additional measures. Trevelyan said, “The UK will continue to do everything in its power to support Ukraine’s fight against Putin’s brutal and unprovoked invasion and help ensure the long-term security and prosperity of Ukraine and its people.” She went on to say, “We stand unwaveringly with Ukraine in this ongoing fight and will work to ensure Ukraine survives and thrives as a free and sovereign nation,” as per the release. Export restrictions by the UK on Russia Furthermore, previously in the last week, the UK had declared that it was strengthening its current tariff sanctions against Russia by expanding the list of products subject to import bans and enhanced tariffs, including imposing new import bans on silver and wood products and raising tariffs on diamonds and rubber by 35 percentage points, the release states. The United Kingdom has further taken the lead in international trade penalties against Russia and Belarus, has already banned the import of iron and steel items, as well as the export of quantum technologies, advanced materials, and luxury products, further cutting off any new UK Export Finance (UKEF) support for Russia and Belarus. (Image: AP)

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UK decides to lift all tariffs & restrictions on Ukrainian exports amid Russian invasion

As the Russia-Ukraine war has entered its 62nd day, the UK has recently announced the removal of all tariffs covered by the current UK-Ukraine trade agreement.

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