The United Kingdom slapped new sanctions on Russia Tuesday as Moscow continues its invasion of Ukraine.
The new sanctions target exports of high-end luxury goods to Russia and place an additional 35 percent import tariff on hundreds of key products.
The tariff increase will affect Russian vodka, iron, steel, glass and glassware, machinery, works of art and fur skins, among other products, and the export ban will likely have an impact on luxury vehicles, high-end fashion and artwork.
The U.K. government said the new penalties will hurt Russian President Vladimir Putin’s war effort and that their effect on U.K companies will be kept low.
“The measures will cause maximum harm to Putin’s war machine while minimising the impact on UK businesses as G7 leaders unite to unleash a fresh wave of economic sanctions on Moscow,” the government said in a press release.
“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 added.
The new round of sanctions comes after the Economic Crime Bill was enacted in the U.K., according to Reuters. The law allows the government to quicken its actions in trying to eliminate Russian “dirty money” from British assets, the news wire reported.
The U.K. has already sanctioned a number of Russian oligarchs since Moscow started its invasion, including Chelsea Football Club owner Roman Abramovich and individuals close to Putin. The penalties froze assets and imposed travel bans.
Russia’s invasion of Ukraine entered its 20th day on Tuesday.