Additional duties on Russian/Belarusian goods announced by British Government
On the 9th May the UK government announced a new package of sanctions on Russia and Belarus impacting £1.7 billion worth of trade in a move designed to further weaken Putin’s war machine.
It will bring the total value of products subjected to full/partial import and export sanctions to more than £4 billion since Russia’s illegal invasion of Ukraine began.
The sanctions announced by the International Trade Secretary and the Chancellor of the Exchequer include import tariffs and export bans. Some of the new duty rates will increase by up to 35%.
The new import tariffs will cover £1.4 billion worth of goods – including platinum and palladium; hampering Putin’s ability to fund his war effort. Russia is one of the leading platinum and palladium producing countries and is highly dependent on the UK for exports of platinum and palladium products.
Meanwhile, the planned export bans will affect more than £250 million worth of goods that Russia’s manufacturing and heavy machinery sectors are most dependent on; targeting key materials such as chemicals, plastics, rubber, and machinery.
Additional information can be found at https://www.gov.uk/government/news/uk-punishes-putin-with-new-round-of-sanctions-on-17-billion-of-goods?utm_medium=email&utm_campaign=govuk-notifications-topic&utm_source=afad6dbb-1b73-4353-bc9f-73c4b502fae6&utm_content=daily