Britain extends tariff relief for Ukraine until 2024, slaps further sanctions and export bans on Russia

London: The United Kingdom on Thursday announced it would extend temporary tariff liberalisation for Ukraine until early 20242, to help the war-torn nation cope with the far-reaching economic consequences of the Russian invasion. “The liberalisation of all tariffs for imports from Ukraine will continue to be applied to the whole of the United Kingdom and the Crown Dependencies,” International Trade Minister Nigel Huddleston said in a statement to the British Parliament. Marking the first anniversary of Russia’s invasion of Ukraine, the United Kingdom on Friday issued more sanctions against Russia, including export bans on every item it has used on the battlefield and import bans of iron and steel goods. Britain has also frozen assets and targeted a wave of Russian officials and companies in the last year in an effort to cripple Moscow’s economy and curb its ability to wage war on its neighbour. In a statement on Friday, the British government said it would target another 92 individuals and entities, including allies of Russian President Vladimir Putin such as the boss of Nord Stream 2, Matthias Warnig. Just ahead of a meeting between Group of Seven leaders and Ukrainian President Volodymyr Zelenskyy, the UK said the internationally co-ordinated sanctions and trade measures would target aircraft parts, radio equipment and electronic components. “Today we are sanctioning the elites who run Putin’s key industries and committing to prohibit the export to Russia of every item Russia has been found using on the battlefield,” Foreign Secretary James Cleverly said in a statement. Other executives who are likely to be targeted include those at the state-owned nuclear power company Rosatom and others who work at defence groups and Russian banks. The UK government will also ban the import of 140 goods including iron and steel products processed in third countries. “Trade sanctions are working. UK goods imports from Russia have fallen by 99%, since before the invasion, and goods exports to Russia have fallen by nearly 80%,” Business and Trade Secretary, Kemi Badenoch, said. The upcoming meeting of G7 leaders and Zelenskyy is expected to discuss additional sanctions on Russia, in an effort to isolate the country economically. Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.