The Government of the United Kingdom (UK) has acted, as of Friday, March 25, 2022, to deny access to the Most Favored Nation tariff for hundreds of Russian and Belarus exports, which in turn deprives them of key benefits of WTO membership. The UK estimates that the initial list of good impacted is worth £900m.
In a note to its members clarifying the new tariff regime, Timber Development UK (TDUK) said that tariff will impact all wood products currently paying duty—such as plywood or OSB—but will also include non-dutiable products such as logs, sawnwood, and engineered wood products (including glulam).
TDUK did say “The goods must have completed Russian or Belarusian export formalities and left those territories before March 25.” This, TDUK added, should mean any goods currently in Europe awaiting onwards shipment to the UK should be exempt if they can show evidence that they completed Russian or Belarusian export formalities before March 25th. Paperboard, paper, machinery, and steel are also affected by the additional tariffs.
In a statement, Chancellor of the Exchequer Rishi Sunak said, “These new measures will further tighten the growing economic pressure on Russia and ensure the UK acts in line with sanctions imposed by our allies.”
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UK Government applies 35% additional import tariffs on Russian wood products