Britain Hits Russian Diamonds with 35% Import Tariff
April 26, 22
(IDEX Online) - Britain has imposed a 35 per cent tariff on loose diamonds imported from Russia.
It's part of a $1.3bn package of new and increased tariffs on luxury goods aimed at further isolating the country over its invasion of Ukraine.
The move comes a month after the British government named Alrosa as one of 65 Russian businesses and individuals being sanctioned in a move to "to cut off vital industries fueling Putin's war machine".
Diamonds have, until now, attracted 20 per cent VAT, but were zero-rated for import tariffs. As of today (26 April) all diamonds - "whether or not worked, but not mounted or set" - from Russia and Belarus will be charged at 35 per cent. The new sanctions also affect caviar, silver and rubber.
International Trade Secretary Anne-Marie Trevelyan (pictured), announcing the new sanctions, said: "The UK continues to stand shoulder-to-shoulder with Ukraine and is working closely with our international partners to inflict maximum damage to Putin's regime, reducing the resources and funds he needs to carry out this illegal war."