UK imposes new economic sanctions on Russia and Belarus.
The United Kingdom has announced the imposition of a new package of sanctions on Russia and Belarus in response to military aggression in Ukraine.
The Department for International Trade said the new import tariffs would apply to goods including platinum and palladium.
Export bans are aimed at banning chemicals, plastics, rubber and machinery. Bringing the value of products subject to sanctions to more than 4 billion pounds.
The new import tariffs will cover 1.4 billion pound goods, while the planned export bans are intended to affect products worth more than 250 million pounds in sectors of the Russian economy that are more dependent on British goods.
The announcement came after G7 leaders held a video conference with Ukrainian President Volodymyr Zelensky, and the US and Canada also imposed new sanctions.
This third round of trade sanctions announced by the British Government – excluding gold and energy – will see more than 96 per cent of imports of goods from Russia hit by restrictions and more than 60 per cent of exports of goods to Russia under full or partial restrictions.
So far more than 1,000 international companies have either suspended trade in Russia or withdrawn from the market.