The UK has announced a new package of sanctions on Russia and Belarus, targeting £1.7 billion worth of trade in an attempt to increase the pressure on the Kremlin. 

The new round of sanctions is about to bring the total value of products subjected to full or partial import and export sanctions to over £4 billion  Russia launched its invasion of Ukraine in late February. 

The new import tariffs include platinum and palladium, which are key in Russia’s economy and on which it is highly dependent on the UK for export.

The planned export bans are to impact over £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, targeting key materials such as plastics, rubber, chemicals and machinery.

“We are determined to do our utmost to thwart Putin’s aims in Ukraine and undermine his illegal invasion, which has seen barbaric acts perpetrated against the Ukrainian people,” – Secretary of State for International Trade, Anne-Marie Trevelyan told the media.

“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,” she added. 

Image: Unsplash

Author: Sébastien Meuwissen