The United Kingdom implemented additional 35% import tariffs on Russian and Belarusian wood products.
The additional tariffs on Russia, the world’s largest exporter of lumber, are a response to Russia’s ongoing war efforts in Ukraine. “The measures will cause maximum harm to Putin’s war machine while minimizing the impact on UK businesses as G7 leaders unite to unleash a fresh wave of economic sanctions on Moscow,” the U.K. government stated. The increase in tariffs will also apply to multiple other Russian imports, including iron, steel and fertilizers.
In March, Russia announced it would ban forestry product exports in retaliation for Western sanctions that began following its invasion of Ukraine, Fortune reported. Russia stated that the ban would be implemented for “states that are undertaking hostile actions against Russia,” potentially including the U.S. and members of the European Union. On April 7, legislation was introduced in the U.S. House of Representatives that would ban imports of Russian wood products.
