Britain has announced new sanctions aimed at trading with Russia worth 1.7 billion British pounds, in an attempt to “further weaken Putin’s military machine.”
These include sharply higher tariffs on imports from Russia worth 1.4 billion British pounds and bans on exports to the country worth 250 million British pounds a year.
The measures announced by Chancellor Rishi Sunak and Trade Secretary Anne-Marie Trevelyan mean that the total value of products subject to full or partial sanctions for import or export after the invasion of Ukraine is more than £ 4 billion.
Britain has increased tariffs on goods such as platinum and palladium, of which Russia is a leading producer, by 35 percentage points.
Export bans cover goods worth more than £ 250 million in sectors of the Russian economy that the government says are most dependent on British goods for chemicals, plastics, rubber and machinery.
Mr Sunak said: “Putin’s illegal invasion of Ukraine is causing enormous suffering. His barbaric war must be stopped.”
He said British sanctions would cause “significant damage to Putin’s military efforts”.
Read more: Russian caviar and diamonds hit sanctions
Ms Trevelyan said the latest measures were “part of a more coordinated effort by many countries around the world, which are appalled by Russia’s behavior and determined to use their economic power to persuade Putin to change course”.
This is the third wave of trade sanctions announced by the United Kingdom and means that, with the exception of gold and energy, the share of imports of goods from Russia affected by the restrictions will rise to over 96%.
Britain has said it will phase out Russian oil imports by the end of the year.
The government has said more than 60% of Russia’s exports will now be subject to full or partial restrictions.
Previous trade sanctions include bans on imports of silver, timber and high-end goods from Russia such as caviar, as well as higher tariffs on diamonds and rubber and bans on exports from the UK to Russia of luxury goods.
Last week, Foreign Minister Liz Truss announced a ban on exports of services – such as accounting, management consulting and PR – to Russia.
The government also says it has sanctioned more than 1,600 individuals and legal entities.
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