(LONDON) The British government on Sunday announced a new round of trade sanctions against Russia and Belarus over the invasion of Ukraine, including export bans on Russian industry and higher tariffs, especially on palladium.
Posted at 5:44 p.m.
“This significant sanctions package will inflict even more damage on the Russian war machine,” International Trade Minister Anne-Marie Trevelyan said in a statement.
Tariffs will increase by 35 percentage points, notably for platinum and palladium – used in the automotive industry – while export bans target goods destined for the manufacturing and heavy machinery sectors in Russia, such as plastic, rubber or machinery.
“Russia is one of the main platinum and palladium producing countries and is heavily dependent on the UK to export” these products, the government stressed.
These sanctions relate to 1.7 billion pounds of property in value (about 2.7 billion dollars), said the executive, bringing to more than 4 billion pounds (6.36 billion dollars) the value of the goods under trade sanctions since Russia invaded Ukraine on February 24.
The UK has also sanctioned over 1,000 individuals and over 100 companies since the invasion.