The British government on Sunday announced new sanctions on Russia and Belarus, targeting trade worth £ 1.7 billion ($ 2.1 billion).
The sanctions include import tariffs and export bans, and come in a bid “to further weaken Putin’s war machine,” according to a statement jointly issued by the Treasury and Department for International Trade.
The new import tariffs will cover £ 1.4 billion ($ 1.7 billion) worth of goods, including platinum and palladium, the statement read.
Russia is one of the world’s biggest producers of platinum and palladium.
“We are determined to do our utmost to thwart Putin’s aims in Ukraine and undermine his illegal invasion, which has seen barbaric acts perpetrated against the Ukrainian people,” the UK’s secretary of state for international trade, Anne-Marie Trevelyan, said.
The planned export bans aim to target more than £ 250 million ($ 308 million) worth of goods in sectors of the Russian economy that are most dependent on UK goods, such as chemicals, plastics, rubber and machinery.
The latest package of sanctions brings the total value of products subjected to full or partial import and export sanctions since Russian illegal invasion of Ukraine began to more than £ 4 billion ($ 4.9 billion).
“Over £ 4 billion worth of goods will now be subject to import and export sanctions, doing significant damage to Putin’s war effort. Working closely with our allies we can and will thwart Putin’s ambitions, ”Chancellor of the Exchequer Rishi Sunak said.