The United Kingdom is introducing a brand new bundle of sanctions against Russia and Belarus, focusing on a complete of USD 2 billion worth of trade, the British authorities mentioned.
“The UK is today announcing a new package of sanctions on Russia and Belarus targeting Pound 1.7 billion (USD 2 billion) worth of trade in a move designed to further weaken (Russian President Vladimir) Putin’s war machine,” the British authorities mentioned in a Sunday assertion.
The launch specified that the brand new restrictions will deliver the overall worth of merchandise subjected to full or partial import and export sanctions because the begin of Russia’s particular army operation in Ukraine to greater than 4 billion kilos.
“The new import tariffs will cover Pound 1.4 billion worth of goods – including platinum and palladium,” the UK authorities mentioned, including that “the planned export bans intend to hit more than Pound 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.” This is about 10 per cent of the overall UK export to Russia as of 2021.
The British authorities specified that Russia is one of the main platinum and palladium producing international locations and that its associated imports to the United Kingdom had been vital.
The new restrictions are the third wave of trade sanctions that the United Kingdom has imposed against Russia. Excluding gold and vitality, about 96 per cent of imports from Russia to the UK and over 60 per cent of British exports to Russia are actually beneath restrictions, in response to the UK authorities.
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