Seafood imports from Russia have been hit with a 35 per cent tariff hike as the Treasury aims to cause “maximum harm to Putin’s war machine while minimising the impact on UK businesses”.
Stopping short of complete bans, it came as Chancellor Rishi Sunak banned exports of luxury goods to Moscow alongside G7 allies.
Vodka will also be hit by the duty hike, with goods worth £900 million included.
Read more: Seafood sanctions could lead to product shortages and price increases - Seafish
Mr Sunak said: “Our new tariffs will further isolate the Russian economy from global trade, ensuring it does not benefit from the rules-based international system it does not respect.
“These tariffs build on the UK’s existing work to starve Russia’s access to international finance, sanction Putin’s cronies and exert maximum economic pressure on his regime.”
Russia accounts for over 40 per cent of global whitefish production, and is the primary producer of Alaskan pollock with a near 60 per cent share, while producing over 30 per cent of the global Atlantic cod supply and 25 per cent of haddock.
While the vast majority sold through Grimsby Fish Market is Icelandic, direct supply to processors in the UK retail gateway cluster is sourced from global markets.
Young’s is known to be a major user, but the company has so far declined to comment on the issue.
The past few days have seen Seafish, the Grimsby-based UK industry authority attempt to quantify the harm sanctions could bring, after a US ban was imposed. It is currently in discussion with government about the impact alongside cluster organisation Grimsby and Humber Seafood Alliance - where 70 per cent of UK-consumed seafood passes through.
Timings, product imported via China and where it will apply in complex active supply chains are all being questioned of Defra, so too any competition issues around the EU's stance.
Seafish had predicted price rises and potential product ranges being withdrawn as alternative supply chains are explored.
International Trade Secretary Anne-Marie Trevelyan said: “The UK stands shoulder to shoulder with our international partners in our determination to punish Putin for his barbaric actions in Ukraine, and we will continue our work to starve his regime of the funds that enable him to carry them out.
“The World Trade Organization is founded on respect for the rule of law, which Putin has shown he holds in contempt. By depriving his government of key benefits of WTO membership, we are denying him further resource for his invasion.”
A full list of products includes: iron, steel, fertilisers, wood, tyres, railway containers, cement, copper, aluminium, silver, lead, iron ore, residue/food waste products, beverages, spirits and vinegar, glass and glassware, cereals, oil seeds, paper and paperboard, machinery, works of art, antiques, fur skins and artificial fur, ships and white fish.
DIT has set up a dedicated export support team, contactable on 0300 303 8955.
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