Russia Sanction: New UK sanctions on Russia and Belarus target $2 billion in trade

The UK is introducing a new sanctions package against Russia and Belarus, targeting a total of $2 billion in trade, the UK government has said.

“The UK is today announcing a new sanctions package against Russia and Belarus targeting £1.7 billion ($2 billion) in trade in a bid to further weaken the war machine (of Russian President Vladimir) Putin,” the British government said in a statement. Sunday statement.

The statement said the new restrictions will bring the total value of products subject to full or partial import and export sanctions since the start of Russia’s special military operation in Ukraine to more than 4 billion pounds. .

“The new import tariffs will cover 1.4 billion pounds of goods – including platinum and palladium,” the UK government said, adding that “the planned export bans are intended to affect over 250 million pounds of goods to the sectors of the Russian economy most dependent on British goods, targeting key materials such as chemicals, plastics, rubber and machinery.” This represents around 10% of the Kingdom’s total exports United to Russia in 2021.

The British government has clarified that Russia is one of the major platinum and palladium producing countries and that its related imports to the UK have been significant.

The new restrictions are the third wave of trade sanctions the UK has imposed on Russia. Excluding gold and energy, around 96% of Russia’s imports to the UK and more than 60% of UK exports to Russia are now subject to restrictions, according to the UK government.

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