The UK has announced a new £1.7bn trade-related sanctions package against Russia and Belarus.
In particular, new sanctions against the Russian and Belarusian regimes target goods. The export ban, worth more than £250 million, concerns Russia’s industrial sector and heavy engineering.
This was reported on the website of the British government.
The UK is today announcing a new £1.7bn trade-targeting package of sanctions against Russia and Belarus that aims to further weaken Putin’s war machine.
The UK government added: “This will bring the total value of goods subject to full or partial import and export sanctions after the start of Russia’s illegal invasion of Ukraine to more than £4 billion .”
The sanctions, announced by the Minister of International Trade and the Chancellor of the Exchequer, include import duties and export bans, including platinum and palladium.
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.
At the same time, planned export bans are set to hit more than £250m worth of goods in sectors of the Russian economy most dependent on British goods, targeting key materials such as chemicals, plastics, rubber and machinery.
“We are determined to do everything we can to hinder Putin’s goals in Ukraine and stop his illegal invasion, which has resulted in barbaric actions against the Ukrainian people. This far-reaching package of sanctions will further damage the Russian military machine. This is part of a broader coordinated effort by many countries around the world who are horrified by Russia’s behavior and are determined to use our economic power to persuade Putin to change course,” said Secretary of State for International Trade Anne-Marie Trevelyan.
Chancellor of the Exchequer Rishi Sunak added: “Putin’s illegal invasion of Ukraine is causing great suffering. His barbaric war must be stopped.”
This is the third wave of trade sanctions announced by the UK government and, with the exception of gold and energy, the share of imports of goods from Russia that are targeted by restrictions will exceed 96 percent, with more than 60 percent of exports of goods to the Russian Federation under full or partial restriction.
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