Britain says it will ban the export of luxury goods to Russia and impose a new 35 per cent tariff on STG900 million ($A1.6 billion) worth of Russian imports, including vodka, metals, fertilisers and other commodities.
The step is the latest in a series of economic sanctions announced by the government to punish Russian President Vladimir Putin for invading Ukraine. Further sanctions against wealthy Russians are expected to be announced later on Tuesday.
“Our new tariffs will further isolate the Russian economy from global trade, ensuring it does not benefit from the rules-based international system it does not respect,” finance minister Rishi Sunak said in a statement on Tuesday.
The government said it would set out which products were affected by the export ban, but added they would likely include high-end fashion, works of art and luxury vehicles.
Britain said the goods subject to an additional tariff of 35 per cent had been chosen to minimise impact on Britain while maximising impact on the Russian economy.
The goods included: iron, steel, fertilisers, wood, tyres, railway containers, cement, copper, aluminium, silver, lead, iron ore, residue/food waste products, beverages, spirits and vinegar glass and glassware, cereals, oil seeds, paper and paperboard, machinery, works of art, antiques, fur skins and artificial fur, ships and white fish.
The government also said it was withdrawing all export finance support to Russia and Belarus.