Group of wealthy nations considering options to further isolate Moscow over Ukraine war
could come as early as Friday, although they also stressed that a desire to maintain international unity and to coordinate sanctions could see the details announced at a later stage.
The US currently only excludes two countries from this designation: Cuba and North Korea. Rather than tariffs at the current applied rate in the US of about 3% on average across Russian goods, the border tax would increase to more than 10 times that level. Trade with the UK is also limited outside of oil and gas, with Russia accounting for 1.5% of total imports and 0.7% of exports. Nevertheless, those imports include popular products such as vodka, meaning higher tariffs would push up the cost of goods for British consumers.
Analysts at Goldman Sachs noted that just over three-quarters of WTO members supported a UN resolution censuring Russia, although they said this might not guarantee they would vote the same way on stripping the Kremlin of membership.
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