Factbox-New UK sanctions target Russian luxury goods, steel and iron

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Economy2 hours ago (Mar 15, 2022 09:00AM ET)

Factbox-New UK sanctions target Russian luxury goods, steel and iron
© Reuters. FILE PHOTO: Plastic letters arranged to read “Sanctions” are placed in front of Russian flag colors in this illustration taken February 25, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) – Britain announced a new round of sanctions on Russia on Tuesday, targeting hundreds of Russian businessmen, people close to Russian President Vladimir Putin and senior defence officials.

Below is a list of the measures announced by the government on Tuesday:

PUTIN OFFICIALS

Britain imposed sanctions on Russian Defence Minister Sergei Shoigu, the former Russian president and top security official Dmitry Medvedev, Kremlin press secretary Dmitry Peskov and foreign ministry spokesperson Maria Zakharova.

TYCOONS

Britain imposed sanctions on Russian businessmen, including Mikhail Fridman, Petr Aven and Andrei Melnichenko.

The government said the oligarchs sanctioned on Tuesday had a combined estimated worth of more than 100 billion pounds, based on Forbes estimates.

BAN ON LUXURY GOODS

“The export ban will come into force shortly and will make sure oligarchs and other members of the elite, who have grown rich under President Putin’s reign and support his illegal invasion, are deprived of access to luxury goods,” the government said in a statement.

“The ban will likely affect luxury vehicles, high-end fashion and works of art.”

END OF MOST FAVOURED NATION STATUS

Britain will “deny Russia and Belarus access to Most Favoured Nation tariff for hundreds of their exports, depriving them of key benefits of WTO membership,” the government said in a statement.

NEW TARIFFS ON IMPORTS

Britain published a list of goods – including vodka – which will now face additional tariffs of 35%, on top of any existing duties.

Iron, steel, wood, , aluminium, silver, lead, iron ore and beverages are among the Russian imports that will face the higher tariffs, the government said.

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