Lexis®Library update: This is the third wave of trade sanctions announced by the UK government and is designed to further weaken Putin’s war effort, bringing the total value of products subjected to imports since Russia’s illegal invasion to £4bn. According to the DIT, the planned export bans intend to hit more than £250m worth of goods in sectors of the Russian economy most dependent on UK goods, including key materials.
Guidance has also been issued by the DIT on these imports from Russia and Belarus requiring additional duties and terms of exemption, which includes this new round of sanctions. The full guidance is accessible here.
For wider legal developments, see Practice Note: Conflict in Ukraine news & analysis—tracker. To keep up to date with UK sanctions measures against Russia, see Practice Note: Conflict in Ukraine—UK sanctions tracker.
Sources:
• UK punishes Putin with new round of sanctions on £1.7 billion of goods
• Additional duties on goods originating in Russia and Belarus
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 9 May 2022 and is published with permission. Further information can be found at: https://www.lexisnexis.co.uk/
