Restrictions affect trade
Britain has announced a new package of sanctions against Russia and Belarus in response to the invasion of Ukraine, affecting trade worth 1.7 billion pounds, which aims to seriously reduce the Kremlin’s ability to finance the war in Ukraine.
The Ministry of International Trade said the new import tariffs apply to a number of goods, including platinum and palladium. The export ban affects trade in chemicals, plastics, rubber and machinery. Thus, the value of products subject to British sanctions will amount to more than 4 billion pounds.
The new import tariffs cover £ 1.4 billion worth of goods, while the export ban affects more than £ 250m worth of products in the sectors of the Russian economy that are most dependent on British goods.
International Trade Minister Anne-Marie Travelian said that “the British authorities are determined to do what is necessary to thwart Putin’s goals in Ukraine and prevent the illegal invasion that led to barbaric actions against the Ukrainian people.”
The ministry said the third round of trade sanctions, which excludes gold and energy, would affect more than 96 percent of Russia’s imports and more than 60 percent of Britain’s exports to Russia.