UK announces new trade measures to support Ukraine
The UK has removed all tariffs on existing UK-Ukraine trade and levelled fresh sanctions at Russia.
All tariffs on goods imported from Ukraine will now be reduced to zero and all quotas will be removed under the free trade agreement, providing Ukraine economic support in their hour of need. The Prime Minister pledged to cut tariffs to support Ukraine’s economy through this crisis when he visited Kyiv earlier this month.
International Trade Secretary Anne-Marie Trevelyan met Ukrainian Ambassador to the UK His Excellency Vadym Prystaiko in London last week to reiterate the UK’s unwavering support for Ukraine and set out the new measures.
The announcement follows a direct request from President Zelenskyy’s government to liberalise tariffs and support the Ukrainian economy. Removing tariffs on key Ukrainian exports including barley, honey, tinned tomatoes and poultry will help Ukrainian businesses and producers when they need it most.
In addition, the UK has also announced an export ban on products and technology that Russia could use to repress the heroic people of Ukraine. Products targeted could include interception and monitoring equipment. This will close any existing loopholes to ensure that Russia is not buying these goods from the UK.
Last week the UK also announced it was bolstering its current tariff sanctions against Russia, by increasing the list of products facing import bans and increased tariffs, including applying new import bans to silver and wood products and increasing tariffs by 35 percentage points on products such as diamonds and rubber.
The UK has led the international trade sanctions effort, already banning the import of iron and steel products as well as the export of quantum technologies, advanced materials and luxury goods and cutting off any new UK Export Finance (UKEF) support for Russia and Belarus.
Posted on Apr 26, 2022.