New British sanctions against Russia and Belarus
The UK has announced a new set of sanctions against Russia and Belarus in response to the invasion of Ukraine – targeting £1.7billion of trade.
The Department for International Trade said new import tariffs will apply to goods including platinum and palladium.
He said they would affect Russia’s “ability” to finance the war.
Export bans will target chemicals, plastics, rubber and machinery. This brings the value of products subject to UK sanctions to more than £4 billion.
The new import tariffs will cover £1.4billion worth of goods, while the planned export bans are meant to affect goods worth over £250million in sectors of the Russian economy most dependent on British goods.
The announcement came after G7 leaders held a video call with Ukrainian President Volodymyr Zelensky and the United States and Canada also imposed new sanctions.
International Trade Secretary Anne-Marie Trevelyan said: “We are determined to do everything we can to thwart Putin’s goals in Ukraine and undermine his illegal invasion, which saw barbaric acts perpetrated against the Ukrainian people.
“This far-reaching sanctions package will inflict further damage on the Russian war machine.”
Chancellor Rishi Sunak said: “Putin’s illegal invasion of Ukraine is causing suffering on an enormous scale. His barbaric war must be stopped.
He said the new import and export sanctions would cause “significant damage to Putin’s war effort”.
This third round of trade sanctions announced by the UK government – excluding gold and energy – would see over 96% of goods imports from Russia curtailed and over 60% of exports from goods to Russia under full or partial restrictions, the DIT said. .
The latest decision comes as Russia prepares to celebrate Victory Day, the commemoration of the Soviet victory over Nazi Germany in 1945, which will be marked by the annual military parade in Moscow’s Red Square. The war in Ukraine means this year’s event has taken on a different meaning, with Vladimir Putin’s long-awaited speech likely to come under scrutiny and thousands of troops due to march despite the large deployment of forces in Ukraine.
Western countries have introduced increasingly broad-based sanctions against Russia – targeting individuals, banks, corporations and large state-owned companies, and exports, among others. Among the figures to be targeted is Roman Abramovich, the billionaire owner of Chelsea Football Club.
The UK has barred major Russian banks from the UK financial system, frozen the assets of all Russian banks, banned Russian companies from borrowing money and imposed limits on the deposits Russians can make in UK banks. . Other sanctions have been implemented by the United States and the EU.
And more than 1,000 international companies have either suspended business operations in Russia or pulled out altogether, including McDonald’s, Coca-Cola and Starbucks.
Belarus has been targeted by the British government claiming its leader Alexander Lukashenko aided and abetted the invasion of Russia.