UK Imposes New Round of Trade Sanctions on Russia, Targeting $2 Billion Worth of Goods
The U.K. rolled out another round of sanctions on Russia and Belarus in response to their assault on Ukraine, the Department for International Trade announced May 9. The new restrictions target over $2 billion worth of goods, imposing tariffs on over $1.7 billion worth of Russian imports, including platinum and palladium, and export bans on over $307 million worth of goods, in an effort meant to disrupt Russia's manufacturing and heavy machinery industries.
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The U.K. identified platinum and palladium shipments from Russia as key sources of funding for Russia's war effort. The export bans also will cover goods ranging from chemicals, plastics, rubber and machinery, the DIT said. In all, over 96% of imports from Russia to the U.K. will face some form of restriction.
"We are determined to do our utmost to thwart [Russian President Vladimir] Putin’s aims in Ukraine and undermine his illegal invasion, which has seen barbaric acts perpetrated against the Ukrainian people," International Trade Secretary Anne-Marie Trevelyan said. "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."