Britain to cut Ukraine tariffs to zero to help its economy

LONDON (Reuters) – All tariffs on items coming to Britain from Ukraine below an current free commerce deal shall be axed to assist the Ukrainian financial system, the British authorities introduced on Monday.

London stated tariffs can be lowered to zero and all quotas eliminated following a direct request from Ukraine’s President Volodymyr Zelenskiy, saying the transfer would offer a lift for Ukrainian companies concerned in key exports equivalent to barley, honey, tinned tomatoes and poultry.

“We stand unwaveringly with Ukraine on this ongoing battle and can work to make sure Ukraine survives and thrives as a free and sovereign nation,” stated British Worldwide Commerce Secretary Anne-Marie Trevelyan.

Britain stated at present the typical tariff on Ukrainian imports was about 22%. It stated the deliberate change had been provided on a non-reciprocal foundation, however Kyiv was more likely to match the British motion.

Moreover, the British authorities stated it might additionally impose additional export bans on merchandise to Russia, together with money, maritime items and know-how, and energy-related items. Final week, it ramped up sanctions on luxurious items together with caviar, silver and diamonds.

(Reporting by Michael Holden; Enhancing by Mark Potter)