The UK government has announced a 35 percentage point import tariff hike, over and above current rates, on Russian white fish as it ramps up its economic sanctions against Russia.
White fish is one of hundreds of products hit with the new import tariffs, which also includes beverages, spirits and vinegar (this includes vodka), cereals, glass, paper and paperboard.
The government has also announced a ban on exports to Russia of high-end luxury goods, such as vehicles, fashion and works of art.
The new measures are designed to inflict maximum damage on the Russian economy while minimising the impact on UK businesses.
Chancellor of the exchequer Rishi Sunak said: “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.
“These tariffs build on the UK’s existing work to starve Russia’s access to international finance, sanction Putin’s cronies and exert maximum economic pressure on his regime.”
The measures will add to an already volatile situation around cod and haddock supplies and prices as it is estimated that between 40 and 60% of white fish comes from Russian sources.