Today, Britain slapped massive new punitive import taxes on Russian luxury goods and economic staples in an effort to put more pressure on Vladimir Putin’s war machine.

The Department for International Trade has revealed that sales of vodka, furs, white fish, and a variety of other commodities will face a 35% increase in levies.

The tax will also be levied on metal sales such as iron, steel, copper, and silver, as well as cereals, machinery, and machinery.

Simultaneously, the sale of luxury items to Russia is to be prohibited, including the sale of luxury vehicles such as Rolls-Royces, designer clothing, and art.

The G7 countries have stated that they will impose punitive trade tariffs in order to further isolate Moscow from the global economy.

According to World Trade Organization (WTO) rules, the group of wealthy nations said it would deprive Russia of its’most favoured nation’ status.

‘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,’ said International Trade Secretary Anne-Marie Trevelyan.

‘The World Trade Organization was founded on respect for the rule of law, which Putin has demonstrated he despises. We are denying his government additional resources for his invasion by depriving it of key benefits of WTO membership.’

It comes as the Government prepares to sanction hundreds of Russian oligarchs, organisations, and individuals following the passage of a fast-tracked bill to target ‘dirty money’ in the UK.

The assets of those targeted will be frozen as the government prepares to impose tariffs on a variety of Russian goods, including vodka and caviar.

The Government has been chastised for the speed with which the UK’s sanctions on wealthy individuals have been implemented, with questions raised as to why the US and the EU have been able to move more quickly.

As a result, new legislation to combat ‘dirty money’ was rushed through Parliament in an attempt to target Russian oligarchs over the Ukraine invasion.

The Economic Crime (Transparency and Enforcement) Act received Royal Assent as the Houses of Parliament sat past midnight to ensure the measures became law.

In response to Russia’s aggression against Ukraine, the UK government is expected to announce new sanctions.

The legislation will create a new register of overseas entities, requiring foreign property owners in the UK to declare their true identity.

The register would need to be updated annually, and penalties for failing to declare details or submitting false information would result in the asset being frozen and unable to be sold or rented.

The passage of the Act through Parliament was aided by several concessions made by ministers in the Lords, including the Government agreeing to scrap exemptions from a foreign ownership of property register aimed at combating illicit cash laundering.

Ministers also committed to implementing the Act’s provisions as soon as possible and providing an update to Parliament on progress within six weeks.

The administration promised to introduce additional legislation to combat economic crime early in the next parliamentary session and to carefully consider any amendments proposed.

Despite concerns about the length of time given to comply with the new register, which requires foreign owners of property in the UK to register, the Act passed through the Lords without a vote.

The government had reduced the grace period from 18 months to six months, but critics argued that this was still too long and demanded that it be reduced further.

However, business minister Lord Callanan argued that shortening the transition period risked opening up the register to legal challenge, and instead proposed a new disclosure requirement to prevent asset-flight ahead of the implementation of the new rules.

This would require any overseas entity selling property after February 28 of this year to provide information about its beneficial ownership.

‘Crucially, it addresses the concerns that corrupt people must not be allowed to sell up and avoid the transparency that this register would bring,’ said Lord Callanan.

‘In my opinion, this would be more effective than any further reduction in the transition period, which risks exposing the register’s provisions to legal challenge.’

The bill, which will make it easier for the government to impose sanctions, was rushed into law in an effort to target Russian oligarchs for their involvement in the Ukraine invasion.

Foreign Secretary Liz Truss is expected to name hundreds of Russian-linked individuals and organisations who will be added to the list of those subject to UK sanctions.

The United Kingdom has already targeted a number of prominent individuals and entities with ties to Russia.

As part of the massive new sanctions drive, the government is also expected to slap £5 billion in tariffs on Russian vodka, fur, and other goods, according to the Times.

As part of the ongoing economic sanctions against Russia, Russian vodka, including popular brands such as Russian Standard, will be banned as of today.

Other Russian luxury items, such as caviar and diamonds, will be prohibited as well.

According to the Sun, Britain will impose tariffs on the sale of supercars, cigars, and other luxury goods to Russia as part of a coordinated effort with the EU and G7 nations to smack the Kremlin in the face.

Ministers also agreed to implement the Bill’s provisions as soon as possible and to provide an update on progress within six weeks.

The administration also promised to introduce new legislation to combat economic crime early in the next parliamentary session and to carefully consider any amendments proposed.

It comes after Liz Truss announced last week that the UK has sanctioned 400 of the 450 Russian Duma members who supported Putin’s invasion, in accordance with the EU.

All of those sanctioned have been barred from entering the UK and will be unable to access any assets they may have in the country.

They are also barred from doing business in the United Kingdom.

Oligarchs Mikhail Fridman and Petr Aven, the men behind the company that owns Holland & Barrett and who have resigned from its advisory board after being sanctioned internationally, could be targeted.

Senior Russian officials and military commanders, including Putin spokesman Dmitry Peskov, could also face prosecution, according to the Times.