UK announces new economic sanctions against Russia – will this affect your business? We can help

The UK Government has announced a number of new sanctions and tariffs being imposed on Russian products. They include a ban on exports to Russia of high-end luxury goods, while also hitting hundreds of key products with new import tariffs that represent a 35 percentage point hike on current rates.

Russian vodka is one of the iconic products affected by the tariff increases, while the export ban will likely affect luxury vehicles, high-end fashion and works of art.

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.

International Trade Secretary Anne-Marie Trevelyan said; “The UK stands shoulder to shoulder with our international partners in our determination to punish Putin for his barbaric actions in Ukraine, and we will continue our work to starve his regime of the funds that enable him to carry them out.”

“The World Trade Organization is founded on respect for the rule of law, which Putin has shown he holds in contempt. By depriving his government of key benefits of WTO membership, we are denying him further resource for his invasion.”

For Worcestershire businesses interested in finding out what this means and how it will affect their business, the Department for International Trade are hosting some free webinars later this month.

The next webinar is taking place on Thursday 24 March, between 14:00 – 15:30 GMT and will cover the scope and application of all the sanctions, including trade and financial sanctions.

To register a place on the webinar, follow the link here. –

For any Worcestershire businesses who would like to discuss international trade options, and any other business support enquiries, please contact the Worcestershire Growth Hub team using the details below.

Phone: 01905 677888 Email:


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