In lockstep with our allies, the UK government has announced a range of trade sanctions against Russia since the invasion of the Ukraine. Sanctions include UK import bans on strategic products such as steel, iron and luxury goods. We have also announced tariff increases of 35 percentage points on Russian products including cereals, vodka and high-end products like caviar.
Currently, the UK is imposing import tariffs and bans on over £1bn of Russian goods.
Whilst we do not speculate on future sanctions, we continue to consider further measures to increase pressure on Putin’s regime.