UK announces ban on technology export to Russia; minimises import tax for Ukraine

Amid the ongoing Russian aggression against its neighbouring country, Ukraine, the UK government has announced fresh sanctions on products and technology that were being exported to Moscow. According to the latest measures announced by the UK Department for International Trade (DIT) on Monday, "Russia could use the resources to repress the people of Ukraine." Products targeted could include interception and monitoring equipment. The major development came after UK International Trade Secretary Anne-Marie Trevelyan met the Ukrainian Ambassador to the UK his Excellency Vadym Prystaiko in London last week.

Earlier, when Ukrainian President Volodymyr Zelenskyy met UK Prime Minister, Boris Johnson in Kyiv, he had appealed the same. According to the DIT, Zelenskyy also urged Johnson to impose further sanctions on Moscow. "The UK will continue to do everything in its power to support Ukraine’s fight against Putin’s brutal and unprovoked invasion and help ensure the long-term security and prosperity of Ukraine and its people," said Trevelyan. "We stand unwaveringly with Ukraine in this ongoing fight and will work to ensure Ukraine survives and thrives as a free and sovereign nation," she added. In addition, the UK government has also announced a ban on any existing loopholes to ensure that Russia is not buying these goods from the UK.

UK reduces tariff on goods imported from Ukraine

Also, the UK government announced the reduction on some & removal of tariffs on Ukrainian exports including, barley, honey, tinned tomatoes and poultry. According to the announcement, it will help Ukrainian businesses and producers when they need it most. With it, all tariffs on goods imported from Ukraine will now be reduced to zero and all quotas will be removed under the free trade agreement. "The Prime Minister pledged to cut tariffs to support Ukraine’s economy through this crisis when he visited Kyiv earlier this month," said Trevelyan. Earlier, the UK also announced it was bolstering its current tariff sanctions against Russia, by increasing the list of products facing import bans and increased tariffs, including applying new import bans to silver and wood products and increasing tariffs by 35% points on products such as diamonds and rubber.

Image: AP/Twitter/@annietrev