35% tariff increase on Russian food announced by Chancellor Sunak

35% tariff increase on Russian food announced by Chancellor Sunak

Rishi Sunak has announced a 35% tax hike on hundreds of Russian goods. Primarily, the move will impact on seafood amongst other foodstuffs.

Chancellor Rishi Sunak.

The new tariffs will cover a list of goods worth around £900 million. In particular, by targeting the Russian seafood industry, the UK government looks to put pressure on one of the country’s biggest economies.

The Chancellor was able to announce the move after MPs passed the Economic Crime Bill on Monday night, which make sanctions and other economic measures easier to impose.

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.”

He added: “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.”

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