May 24, 2022

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The UK has imposed new trade sanctions against Russia

The British government on Sunday announced a new round of trade sanctions against Russia and Belarus in connection with the invasion of Ukraine, including export sanctions on Russian industry and higher tariffs on palladium.

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“This set of significant sanctions will cause even more damage to the Russian war machine,” International Trade Minister Ann-Marie Trevelian said in a statement.

When Russia bans the export of targeted goods to manufacturing and heavy machinery sectors such as plastics, rubber or machinery – tariffs used in the automotive industry – especially platinum and palladium – will increase by 35 percentage points.

“Russia is one of the major producers of platinum and palladium, and the UK is heavily dependent on exports for these products,” the government said.

The sanctions deal with goods worth 1. 1.7 billion (approximately 2 2 billion), bringing the value of goods targeted by trade sanctions to more than ில்லியன் 4 billion since Russia invaded Ukraine on February 24, the official said.

The UK has allowed 1,000 individuals and more than 100 companies since the invasion.

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