Below is a list of the measures announced by the government on Tuesday:
PUTIN OFFICIALS
Britain imposed sanctions on Russian Defence Minister Sergei Shoigu, the former Russian president and top security official Dmitry Medvedev, Kremlin press secretary Dmitry Peskov and foreign ministry spokesperson Maria Zakharova.
TYCOONS
Britain imposed sanctions on Russian businessmen, including Mikhail Fridman, Petr Aven and Andrei Melnichenko.
The government said the oligarchs sanctioned on Tuesday had a combined estimated worth of more than 100 billion pounds, based on Forbes estimates.
BAN ON LUXURY GOODS
“The export ban will come into force shortly and will make sure oligarchs and other members of the elite, who have grown rich under President Putin’s reign and support his illegal invasion, are deprived of access to luxury goods,” the government said in a statement.
“The ban will likely affect luxury vehicles, high-end fashion and works of art.”
END OF MOST FAVOURED NATION STATUS
Britain will “deny Russia and Belarus access to Most Favoured Nation tariff for hundreds of their exports, depriving them of key benefits of WTO membership,” the government said in a statement.
NEW TARIFFS ON IMPORTS
Britain published a list of goods – including vodka – which will now face additional tariffs of 35%, on top of any existing duties.
Iron, steel, wood, copper, aluminium, silver, lead, iron ore and beverages are among the Russian imports that will face the higher tariffs, the government said.
Source: Economy - investing.com
