The UK is announcing a new package of sanctions on Russia and Belarus targeting £1.7 billion worth of trade in a move designed to further weaken Putin’s war machine.
It will bring the total value of products subjected to full or partial import and export sanctions since Russia’s illegal invasion of Ukraine began to more than £4 billion.
The sanctions announced today by the International Trade Secretary and the Chancellor of the Exchequer include import tariffs and export bans.
The new import tariffs will cover £1.4 billion worth of goods – including platinum and palladium – hampering Putin’s ability to fund his war effort.
Russia is one of the leading platinum and palladium producing countries and is highly dependent on the UK for exports of platinum and palladium products.
Meanwhile, the planned export bans intend to hit more than £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, targeting key materials such as chemicals, plastics, rubber, and machinery.
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