The UK government reported an additional £1.4 billion worth of targeted sanctions against Russia and Belarus in the latest wave of measures to target Vladimir Putin’s conflict in Ukraine.
The move was announced on Sunday by International Trade Secretary Anne-Marie Trevelyan and Chancellor of the Exchequer Rishi Sunak.
“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,” said Trevelyan.
“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.”
The announcement marked the third wave of sanctions against the embattled country, and included import and export bans which reportedly cover goods vital to the Russian military effort, including platinum and palladium.
Russia is one of the biggest global producers of platinum and palladium, and is highly dependent on the UK for exports of products made from the materials.
The UK reported a 35% rise on tariffs for a series of product imports including platinum, palladium and chemicals.
The new selection of sanctions brings the total value of products sanctioned since Russia invasion of Ukraine to over £4 billion.
The export bans have also been developed to hit more than £250 million in goods based in sectors of the Russian economy that are most dependent on UK products, with key materials such as plastics, machinery, plastics and chemicals targeted by the recent measures.
The recent issuance of sanctions is set to increase the total proportion of goods imports from Russia saddled with sanctions to more than 96%, with more than 60% of goods exports to the country under whole or partial restrictions in an effort to destabilise Putin’s war effort.
“Putin’s illegal invasion of Ukraine is causing suffering on an enormous scale. His barbaric war must be stopped,” said Sunak.
“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.”
