UK and Russia Caviar and Diamond Import Sanctions Targeting Luxury Goods Industry

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] The UK is strengthening sanctions by banning imports of luxury goods from Russia, such as caviar and diamonds, or by raising tariffs.

On the 21st (local time), Bloomberg reported that the UK has taken sanction measures against Russia, which invaded Ukraine. According to a government statement, the UK has imposed an import ban on Russian silver and wooden products, and raised tariffs by 35 percentage points on certain products including diamonds. The total value of Russian products affected by these sanctions is estimated to be around 1 billion pounds (approximately 1.6169 trillion KRW).

Anne-Marie Trevelyan, the UK Secretary of State for International Trade, stated that the UK's measures are intended to "inflict maximum damage" on Russian President Vladimir Putin and his regime, explaining that they aim to "tighten the resources and funding necessary to conduct an illegal war."

Since Russia's invasion of Ukraine in February, the UK has already imposed the most extensive sanctions on Russia compared to other Western countries. UK Prime Minister Boris Johnson is coordinating new sanctions and trade restrictions in cooperation with other G7 countries and the European Union (EU).

On this day, the UK Foreign Office publicly released a list of 26 individuals subject to sanctions, including Lieutenant Colonel Azabek Omurbekov, CEO of Russian Railways Oleg Belozyorov, and Member of Parliament Ilya Kiva, who was expelled for openly supporting Russia in Ukraine.

This content was produced with the assistance of AI translation services.