The British government announced this Sunday (8) new sanctions on Russia and the Belarus, targeting trade, worth £1.7 billion (US$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 the Department of International Commerce.
The new import tariffs will cover £1.4 billion ($1.7 billion) of goods, including platinum and palladium, the statement said.
Russia is one of the world’s largest producers of platinum and palladium.
“We are determined to do our utmost to thwart Putin’s goals in Ukraine and undermine his illegal invasion, which has seen barbaric acts perpetrated against the Ukrainian people,” said UK Secretary of State for International Trade Anne-Marie Trevelyan.
The planned export bans aim to hit more than £250m ($308m) of goods in sectors of the Russian economy that are most dependent on UK goods such as chemicals, plastics, rubber and machinery.
The latest sanctions package brings the total value of goods subject to full or partial import and export sanctions since Russia’s illegal invasion of Ukraine began to more than £4 billion ($4.9 billion).
“More than £4 billion worth of goods will now be subject to import and export sanctions, causing significant damage to Putin’s war effort. Working closely with our allies, we can thwart Putin’s ambitions,” said Chancellor of the Exchequer Rishi Sunak.
Source: CNN Brasil
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
