UK government announces fresh £1.7bn package of trade sanctions on Russia and Belarus

Mon 9 May 2022
Posted by: William Barns-Graham
Trade News

russia sanctions

The UK has announced a new £1.7bn package of trade sanctions on Russia and Belarus including fresh import tariffs and further export bans.

New duties will apply to Russian commodities such as platinum and palladium that are used in mobile phones, computers, and catalytic converters for cars.

Export bans will also target chemicals, plastics, rubber and machinery, taking the value of UK sanctions to more than £4bn, according to the BBC.

International trade secretary Anne-Marie Trevelyan said: “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.”

Restricted

Previous measures imposed on Russia have targeted its energy and finance sectors, while sanctions have been imposed on people and organisations in the information and media sectors, reports the Guardian.

This third round of sanctions announced by the UK government - excluding gold and energy - resulted in 96% of goods imports from Russia and more than 60% of goods exports to Russia being under whole or partial restrictions.

The government also says it has sanctioned more than 1600 individuals and entities, reports Sky News.

G7 sanctions

G7 leaders held a video call with Ukrainian President Volodymyr Zelensky yesterday (9 May), while the US and Canada also imposed new sanctions.

The G7 committed to ban or phase out imports of Russian oil, reports Reuters.