UK punishes Putin with new round of sanctions on £1.7bn worth of goods
- Russian and Belarusian regimes targeted by new package of trade sanctions on goods.
- New import duties on goods worth £1.4billion, including platinum and palladium.
- Export bans worth more than £250million target Russia’s manufacturing and heavy machinery sectors.
The UK is today announcing a new sanctions package against Russia and Belarus targeting £1.7billion of trade in a bid to further weaken Putin’s war machine.
This will bring the total value of products subject to full or partial import and export sanctions since the start of Russia’s illegal invasion of Ukraine to more than £4 billion.
The sanctions announced today by the Secretary for International Trade and the Chancellor of the Exchequer include import duties and export bans.
The new import tariffs will cover £1.4bn worth of goods – including platinum and palladium – hampering Putin’s ability to fund his war effort.
Russia is one of the major platinum and palladium producing countries and is heavily dependent on the UK for exports of platinum and palladium products.
Meanwhile, the planned export bans aim to hit more than £250m worth of goods in the 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, Anne-Marie Trevelyan said:
We are determined to do all we can to thwart Putin’s goals in Ukraine and undermine his illegal invasion, which saw barbaric acts perpetrated against the Ukrainian people.
This far-reaching sanctions package will inflict further damage on the Russian war machine. This is part of a larger coordinated effort by the many countries around the world that are horrified by Russia’s conduct and determined to use our economic power to persuade Putin to change course.
Chancellor of the Exchequer, Rishi Sunak said:
Putin’s illegal invasion of Ukraine is causing widespread suffering. His barbaric war must be stopped.
More than £4billion worth of goods will now be subject to import and export sanctions, causing significant damage to Putin’s war effort. By 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 imports of goods from Russia hit by restrictions to more than 96%, with more than 60% of goods exports to Russia under all or partial restrictions, effectively contributing to the weakening of Putin’s war machine.
Last week, the International Trade Secretary hosted international trade ministers and officials from 23 countries, including Ukraine’s 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 liberalize all customs duties on imports from Ukraine under the UK-Ukraine Free Trade Agreement.
- The UK announced an additional set of £1.4bn import restrictions, raising tariffs by 35 percentage points on goods such as chemicals, platinum and palladium.
- The announced measures will cover more than £250m of UK exports and accounted for almost 10% of UK exports to Russia in 2021.
- Overall, the UK has now announced import restrictions on more than £2.4bn of imports from Russia, excluding energy-related announcements.
- Around £1.4bn of imports will face an additional 35 percentage point duty.
- Legislation will be tabled in due course to implement these measures.
- These estimates assume that the total trade value within a product code is restricted. Actual value may be subject to licenses and exemptions.
- We encourage all importers who use Russian imports to source alternatively. As with all sanctions, these measures will be reviewed.