The sanctions outlined by the International Trade Secretary Anne-Marie Trevelyan and Chancellor Rishi Sunak involve import tariffs and export bans.
08 May 2022
Russia and Belarus will face a new wave of sanctions – targeting £1.7 billion of trade – to “thwart” Russian President Vladimir Putin’s war in Ukraine, the Government has announced.
The sanctions, outlined by the International Trade Secretary Anne-Marie Trevelyan and Chancellor Rishi Sunak, involve import tariffs and export bans.
New import tariffs will cover £1.4 billion of goods, including platinum and palladium, “hampering Putin’s ability to fund his war effort”, the Department for International Trade (DIT) said.
The move will bring the total value of products subjected to full or partial import and export sanctions since Russia’s invasion of Ukraine to more than £4 billion, the department added.
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”, the DIT said.
Ms Trevelyan said: “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. This far-reaching package of sanctions will inflict further damage on the Russian war machine.”
Mr Sunak added: “Putin’s illegal invasion of Ukraine is causing suffering on an enormous scale. His barbaric war must be stopped. Over £4 billion worth of goods will now be subject to import and export sanctions, doing significant damage to Putin’s war effort.”
This is the third round of trade sanctions announced by the UK Government, the DIT said, adding “and, excluding gold and energy, will bring the proportion of goods imports from Russia hit by restrictions to more than 96 per cent, with more than 60 per cent of goods exports to Russia under whole or partial restrictions”.
The department said “around £1.4 billion of imports will face an additional 35 percentage point tariff” and legislation “will be laid in due course” to implement these measures.