The UK announced on 21 April 2022 that it will introduce import bans on silver, wood products and other high-end products from Russia including caviar. The UK also announced that it will increase tariffs by 35 percentage points on certain products from Russia and Belarus. The products which will face the additional 35 percent tariff (on top of any tariffs that are currently applicable) range from arms and ammunition, pharmaceutical products, rubber, textiles to luxury…
On 8 April 2022, the EU adopted a fifth package of sanctions which introduced new sectoral measures targeting the Russian and Belarusian economies. As part of the package, the EU also imposed restrictive measures on four key Russian banks, prominent oligarchs, business people and high-ranking Kremlin officials, as well as family members of already sanctioned individuals. The new Regulations and Council Decisions that introduce the new sanctions can be found here and here. We…
In a statement made on the 5th of April, Ursula von der Leyen, the President of the EU Commission outlined EU proposals for additional sanctions against Russia. The new measures will include: An import ban on coal from Russia, worth EUR 4 billion per year.A full transaction ban on four key Russian banks. The President of the EU Commission mentioned that VTB, the second largest Russian bank, will be one of the four banks.A ban…
As separate measures, Australia has announced: a 35% additional tariff for products from Belarus and Russia; andnew luxury goods export sanctions for Russia. 35% additional tariff for goods from Russia or Belarus On 1 April 2022, the Notice of Intention to Propose Customs Tariff Alterations (No. 3) 2022 was published, outlining Australia’s intention to apply an additional 35% tariff on all imports from Russia, as well as Belarus. The tariff will be applied to “additional…