The UK is today announcing a new package of sanctions on Russia
and Belarus targeting £1.7 billion worth of trade in a move
designed to further weaken Putin’s war machine.
It will bring the total value of products subjected to full or
partial import and export sanctions since Russia’s illegal
invasion of Ukraine began to more than £4 billion.
The sanctions announced today by the International Trade
Secretary and the Chancellor of the Exchequer include import
tariffs and export bans.
The new import tariffs will cover £1.4 billion worth of goods –
including platinum and palladium – hampering Putin’s ability to
fund his war effort.
Russia is one of the leading platinum and palladium producing
countries and is highly dependent on the UK for exports of
platinum and palladium products.
Meanwhile, the planned export bans intend to hit more than £250
million worth of goods in sectors of the Russian economy most
dependent on UK goods, targeting key materials such as chemicals,
plastics, rubber, and machinery.
Secretary of State for International Trade, 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.
“This far-reaching package of sanctions will inflict further
damage on the Russian war machine. It is part of a wider
coordinated effort by the many countries around the world who are
horrified by Russia's conduct and determined to bring to bear our
economic might to persuade Putin to change course.”
Chancellor of the Exchequer, said:
“Putin’s illegal invasion of Ukraine is causing suffering on an
enormous scale. His barbaric war must be stopped.
“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.”
This is the third wave of trade sanctions announced by the UK
government and, excluding gold and energy, will bring the
proportion of goods imports from Russia hit by restrictions to
more than 96 percent, with more than 60 percent of goods exports
to Russia under whole or partial restrictions, effectively
contributing to the debilitation of the Putin war machine.
Last week, the International Trade Secretary hosted international
trade ministers and officials from 23 countries, including the
Ukrainian first Deputy Prime Minister, to discuss how best to
provide trade and economic support to Ukraine.
She also signed a formal exchange of letters to liberalise all
tariffs on imports from Ukraine under the UK-Ukraine Free Trade
Agreement.
Notes to editors:
- The UK has announced an additional £1.4
billion package of import restrictions, raising tariffs by
35 percentage points on products such as chemicals, platinum, and
palladium.
- The measures announced will cover more than £250 million in
UK exports and represented almost 10 percent of UK exports to
Russia in 2021.
- Overall, the UK has now announced import
restrictions on over £2.4 billion of imports from
Russia, excluding energy-related announcements.
- Around £1.4 billion of imports will face an additional
35 percentage point tariff.
- Legislation will be laid in due course to implement these
measures.
- These estimates assume the full value of trade within a
commodity code is subject to a restriction. The true value may be
subject to licensing and exemptions.
- We encourage all importers that use Russian imports to source
alternative supplies. As with all sanctions, these measures will
be kept under review.
