Britain has announced new sanctions targeting £1.7 billion worth of trade with Russia aimed at “further weakening Putin’s war machine”.
These include sharply higher tariffs on £1.4 billion worth of imports from Russia and a ban on exports to the country worth £250 million a year.
The measures, announced by Prime Minister Rishi Sunak and Trade Minister Anne-Marie Trevelyan, mean the total value of sanctioned products imported or exported in whole or in part since Invasion of Ukraine is more than 4 billion pounds.
Britain is raising tariffs on items like platinum and palladium, both of which Russia is a top producer, by 35 percentage points.
The export bans cover goods worth more than £250 million in sectors of the Russian economy that the government says is most dependent on British goods, targeting chemicals, plastics, rubber and machines.
Mr. Sunak said: “Putin’s illegal invasion of Ukraine is causing suffering on a massive scale. His barbaric war must be stopped.”
He said British sanctions would cause “significant damage to Putin’s war effort”.
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Russian caviar and diamonds punished
Ms. Trevelyan said the latest measures were “part of a more widely coordinated effort by many countries around the world, who are appalled by Russia’s behavior and determined to bring to life their economic might.” me to convince Putin to change course.”
This is the third wave of trade sanctions announced by the UK and means that, with the exception of gold and energy, the share of restricted goods imports from Russia will increase to more than 96%.
Britain said it would eliminate Russian oil imports by the end of the year.
The government says more than 60% of exports to Russia will now be fully or partially restricted.
Previous trade sanctions include a ban on imports of silver, wood products and luxury goods from Russia such as caviar as well as higher tariffs on diamonds and rubber, and an export ban. luxury goods from UK to Russia.
Last week, Foreign Minister Liz Truss announced a ban on the export of services – such as accounting, management consulting and PR – to Russia.
The government also said it had sanctioned more than 1600 individuals and organisations.
