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Russian whitefish and vodka are among the targets of higher tariffs, while the export bans are likely to be luxury cars, high-end fashion, art and more
.
Aside from whitefish and vodka, Britain's selection of imports that did the most damage to the Russian economy included metals, grains, oilseeds and machinery
.
The total value of the goods on this list is estimated to be £900 million
.
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Aside from whitefish and vodka, Britain's selection of imports that did the most damage to the Russian economy included metals, grains, oilseeds and machinery
.
The total value of the goods on this list is estimated to be £900 million
.
The export ban will take effect soon, the statement said, without giving a date
.
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The United Kingdom is a country that relies heavily on imported whitefish to meet its domestic needs.
In 2020, the import volume of whitefish was 432,000 tons, worth 800 million pounds, of which 48,000 tons were imported from Russia
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In 2020, the import volume of whitefish was 432,000 tons, worth 800 million pounds, of which 48,000 tons were imported from Russia
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Russia's whitefish production accounts for more than 40 percent of the world's total, including 60 percent of Alaska cod, 30 percent of Atlantic cod and 25 percent of haddock
.
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In addition to the direct supply from Russia, about 143,000 tons of whitefish came from China in 2020, but the origin of these whitefish is considered to be Russia, and some whitefish products from Norway, Poland and Germany are also considered to be produced in Russia
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While no formal sanctions or trade measures have been imposed on Russian seafood, the current global situation is expected to lead to "significant disruptions" to UK seafood processing, including higher fuel prices, supply delays and product competition, industry sources said
.
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Any changes in existing supplies will affect production, raw material prices will rise by at least 20% to 30%, and profit margins across the processing industry are already so thin that many businesses, especially small ones, will not be able to absorb these costs
.
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The cost increase, which is expected to translate into higher food prices for consumers, is not yet predictable by how much, but could be as high as 20% to 30%
.
The UK seafood industry understands how difficult this will be, especially for low-income households already struggling, so businesses are doing a lot of work to find ways to minimise the impact on consumers
.
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The UK seafood industry understands how difficult this will be, especially for low-income households already struggling, so businesses are doing a lot of work to find ways to minimise the impact on consumers
.
