The UK has announced a new package of sanctions against Russia and Belarus, targeting £1.7 billion in trade volume.
The penalties, outlined by Chancellor Rishi Sunak and International Trade Minister Anne-Marie Trevelyan, include import tariffs and export bans.
The total value of products subject to import and export sanctions in response to Russia’s invasion of Ukraine will increase to over £4 billion.
President Vladimir Putin’s “barbaric war must end,” Mr Sunak said.
New import tariffs will slash $1.4 billion worth of goods
Planned export bans aim to sell goods worth more than 250 million
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Ms Trevelyan stated: “We are determined to do our utmost to thwart Putin’s goals in Ukraine and undermine his illegal invasion, which has involved barbaric acts against the Ukrainian people.
“This far-reaching sanctions package will inflict further damage on the Russian war machine.”
Mr Sunak added: “Putin’s illegal invasion of Ukraine is causing enormous suffering. His barbaric war must end.”
He said the new import and export sanctions would “cause significant damage to Putin’s war effort.”
This third round of trade sanctions announced by the UK government – excluding gold and energy – would result in more than 96% of goods imports from Russia being affected by restrictions and more than 60% of goods exports to Russia being subject to full or partial restrictions, said the DIT.
The ministry said a further £1.4 billion in imports would also face an “additional 35 percentage point tariff”, adding that legislation would be enacted “in due course” to implement these measures.
The latest move comes as Russia prepares to celebrate Victory Day, commemorating the Soviet victory over Nazi Germany in 1945, which is marked with the annual military parade in Moscow’s Red Square. The war in Ukraine means this year’s event has taken on a different meaning as Vladimir Putin’s expected speech is likely to be closely scrutinized and thousands of troops will parade despite many troops stationed in Ukraine.
Western countries have introduced increasingly widespread sanctions against Russia, targeting individuals, banks, corporations and large state-owned companies, and exports, among others. Among the high-profile individuals to be targeted is Roman Abramovich, the billionaire owner of Chelsea Football Club.
The UK has excluded key Russian banks from the UK financial system, frozen the assets of all Russian banks, prevented Russian firms from borrowing money and imposed limits on deposits Russians can make in UK banks. Further sanctions were imposed by the USA and the EU.
And more than 1,000 international companies have either stopped trading in Russia or pulled out altogether – including McDonald’s, Coca-Cola and Starbucks.
Belarus has been targeted by the British government, which said its leader, Alexander Lukashenko, backed and supported the Russian invasion.
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