UK imposes new trade sanctions on Russia

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

“This major sanctions package will inflict further damage on the Russian war machine,” International Trade Minister Anne-Marie Trevelyan said in a statement.

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Tariffs will increase by 35 percentage points, including on platinum and palladium, used in the car industry, while export bans target goods destined for Russia’s heavy machinery and manufacturing sectors, such as plastics, rubber or the machines.

“Russia is a major producer of platinum and palladium and is highly dependent on United Kingdom to export” these products, the government said.

The sanctions cover goods worth 1,700 million pounds sterling (about 2,000 million euros, 2,100 million dollars), according to the executive, which brings the value of the goods subject to trade sanctions to more than 4,000 million pounds since Russia invaded Ukraine on February 24.

The United Kingdom it has also sanctioned more than a thousand people and more than a hundred companies since the invasion.

Source: Elcomercio

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