Britain has announced a new package of sanctions against Russia, including a ban on exports of luxury goods and 35 percent duties on 900 million pounds ($1.2 billion) worth of Russian imports.

"The export ban will come into force shortly and will make sure oligarchs and other members of the elite, who have grown rich under President Putin’s reign and support his illegal invasion, are deprived of access to luxury goods," the statement reads.

Britain will "deny Russia and Belarus access to Most Favoured Nation tariff for hundreds of their exports, depriving both nations key benefits of WTO membership," the government said in a statement.

Britain has published a list of goods, including vodka, which will now be subject to additional duties of 35 percent in addition to any existing duties.

The government said iron, steel, timber, copper, aluminum, silver, lead, iron ore and beverages are among the Russian imports that will face higher tariffs.

In addition, Britain imposed sanctions against Russian Defense Minister Sergei Shoigu, former Russian President and Deputy Chairman of the Security Council Dmitry Medvedev, Kremlin spokesman Dmitry Peskov and Foreign Ministry spokeswoman Maria Zakharova, as well as Russian businessmen, including Mikhail Fridman, Petr Aven and Andrey Melnichenko.