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UK announces new Russia sanctions targeting £1.7bn trade deals | News from politics

Britain has announced new sanctions targeting £1.7 billion worth of trade with Russia to “further weaken Putin’s war machine”.

These include significantly higher tariffs on imports worth £1.4 billion from Russia and bans on exports to the country worth £250 million a year.

The measures, announced by Chancellor Rishi Sunak and Trade Minister Anne-Marie Trevelyan, mean that the total value of products has since been subject to full or partial import or export sanctions invasion of Ukraine is more than £4 billion.

Britain is raising tariffs by 35 percentage points on items like platinum and palladium, both of which are top producers.

The export bans affect goods worth more than EUR 250 million.

Mr Sunak said: “Putin’s illegal invasion of Ukraine is causing enormous suffering. His barbaric war must end.”

He said British sanctions would do significant damage to Putin’s war effort.

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Russian caviar and diamonds hit by sanctions

Ms Trevelyan said the latest actions are “part of a broader coordinated effort by many countries around the world who are appalled by Russia’s behavior and determined to use our economic might to persuade Putin to change course.”

It is the third wave of trade sanctions announced by the UK and means the share of restricted goods imports from Russia, excluding gold and energy, will rise to over 96%.

Britain has announced that it will phase out Russian oil imports by the end of the year.

The government said more than 60% of goods exports to Russia are now subject to some or all restrictions.

Previous trade sanctions have included bans on imports of silver, timber products and high value goods from Russia such as caviar, as well as higher tariffs on diamonds and rubber and bans on exports of luxury goods from the UK to Russia.

Last week Secretary of State Liz Truss announced a ban on the export of services — such as accounting, business consulting and PR — to Russia.

The government also says it has sanctioned more than 1,600 individuals and organizations.

UK announces new Russia sanctions targeting £1.7bn trade deals | News from politics

Source link UK announces new Russia sanctions targeting £1.7bn trade deals | News from politics

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