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About 900 million pounds ($1.
17 billion) worth of Russian goods will be subject to an additional 35% tariff.
The product list covers cod, haddock and pollock
.
In addition to seafood, the sanctions list covers ships, iron and steel, fertilizers, lumber, tires, rail containers, cement, copper, aluminum, silver, lead, iron ore, alcoholic beverages, glassware, grains, oilseeds and paper and so on
.
.
The U.
K.
government said the sanctions would maximize the impact on the Russian economy and minimize the impact on the U.
K.
domestic economy, with the new tariffs starting next week
.
K.
government said the sanctions would maximize the impact on the Russian economy and minimize the impact on the U.
K.
domestic economy, with the new tariffs starting next week
.
Rishi Sunak, Chancellor of the Exchequer, stated: “The new tariffs will further decouple the Russian economy from global trade, ensuring it does not benefit from the rules-based international system
.
The new tariffs build on the UK’s existing foundations and are designed to deprive Russia of international financial support and maximum economic pressure on Putin and his regime
.
”
.
The new tariffs build on the UK’s existing foundations and are designed to deprive Russia of international financial support and maximum economic pressure on Putin and his regime
.
”
The same tariff rate is also in effect for Belarus, which was also kicked out of the "Most Favored Nation Tax Rate" list by the United Kingdom
.
.
On the other hand, the EU will launch the fourth round of sanctions against Russia, the European Commission and other members of the WTO refuse to recognize Russia's most-favored-nation status
.
.
The EU's list of sanctioned goods has not yet been announced.
The EU processing agency AIPCE-CEP confirmed to UCN that white fish products are not included in the sanctions list, but it cannot guarantee whether additional duties will be imposed in the future
.
The EU processing agency AIPCE-CEP confirmed to UCN that white fish products are not included in the sanctions list, but it cannot guarantee whether additional duties will be imposed in the future
.
Seafish, the representative body of the British seafood industry, believes that the sanctions against Russia will lead to an overall increase of 20-30% in the price of British whitefish
.
"Most of the supply is already contracted, and with limited supply, UK importers will compete on price in the global market
.
Profit margins in the processing industry are already thin and many businesses (probably SMEs) will not be able to afford these costs
.
"
.
"Most of the supply is already contracted, and with limited supply, UK importers will compete on price in the global market
.
Profit margins in the processing industry are already thin and many businesses (probably SMEs) will not be able to afford these costs
.
"
Seafish estimates that at least 20% of UK seafood imports come from Russia, and the global whitefish market is largely controlled by Russian suppliers
.
The crux of the debate now is whether sanctions apply to Russian raw materials or just Russian exports, in which case the impact can be buffered by third countries, with China likely to play a crucial role
.
.
The crux of the debate now is whether sanctions apply to Russian raw materials or just Russian exports, in which case the impact can be buffered by third countries, with China likely to play a crucial role
.
Last year, the UK directly imported 48,000 tons of whitefish products from Russia and 143,000 tons from China, most of which used Russian raw materials
.
Russian whitefish production accounts for 38% of the global total, or 2.
4 million tons
.
.
Russian whitefish production accounts for 38% of the global total, or 2.
4 million tons
.
