UK officials Monday announced further sanctions against Russia and Belarus worth £1.7 billion. The sanctions are aimed at encouraging Russia to cease its invasion of Ukraine. The UK already have a number of sanctions in place.
The UK package of sanctions involves increasing tariffs on £1.7 billion worth of imported goods. The tariffs will increase by 35 percent on goods such as platinum and palladium. Russia is one of the highest producing platinum and palladium countries and relies heavily on the UK for exports of platinum and palladium products. The hope is that the tariff will hamper Putin’s war effort.
Additionally, the UK intends to place an export ban on £250 million worth of goods across a number of sectors. The ban will hit sectors in which Russia is most dependent on UK products, targeting key materials such as chemicals, plastics, rubber and machinery. This represents nearly 10 percent of UK exports to Russia in 2021.
The Secretary of State for International Trade, Anne-Marie Trevelyan, said the following in relation to the sanctions:
This far-reaching package of sanctions will inflict further damage on the Russian war machine. It is part of a wider coordinated effort by the many countries around the world who are horrified by Russia’s conduct and determined to bring to bear our economic might to persuade Putin to change course.
The UK will put in place new legislation to put these measures into effect, adding to legislation already in place.