The UK has announced new measures to support Ukraine in its conflict with Russia by removing all tariffs covered by the existing UK-Ukraine trade deal and hitting the Putin government with fresh sanctions.
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 support for Ukraine and set out the new measures.
Trevelyan, who is an ICAEW member, said: “The UK will continue to do everything in its power to support Ukraine’s fight against Putin’s brutal and unprovoked invasion and help ensure the long-term security and prosperity of Ukraine and its people.”
The announcement comes following 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.
Export ban on certain products sent to Russia
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 already banned the import of iron and steel products as well as the export of quantum technologies, advanced materials and luxury goods, and has cut off any new UK Export Finance (UKEF) support for Russia and Belarus.
“We stand unwaveringly with Ukraine in this ongoing fight and will work to ensure Ukraine survives and thrives as a free and sovereign nation,” added Trevelyan.
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