UK imposes import sanctions against Russia, targets $2bn worth of trade

The Government of UK has expanded its sanction against Russia to add punitive import duty on Russian precious metals, along with export bans on some UK goods to bolster the economic pressure on Moscow over the Ukraine invasion.

The Department for International Trade (DIT) announced the sanction just moments before Russia’s 9 May Victory Day Celebrations when the country celebrates the end of the second World War with army parades and when the president of Russia, Vladimir Putin, is anticipated to address the details of the war in Ukraine to citizens.

The latest £1.7 billion ($2billion) penalties on Russia and the neighboring country Belarus are aimed at shutting down Vladimir's capability to fund the war.

The new set of restrictions comprise $1.71 billion of UK import tariffs, which include cross border taxes paid by buyers on products shipped from Russia. These tariffs will affect imports of palladium, platinum and several other goods including chemicals from Russia.

The DIT stated that Russia was extremely dependent on the United Kingdom for exports of the precious metals, which will be subjected to additional 35 %-point tariffs.

The UK Government will also prohibit the export of goods if they exceed $324 million in sectors where the economy of Russia is highly dependent on UK products, including essential materials like plastics, rubbers, chemicals, and machinery.

The recent measures, stated by chancellor, Rishi Sunak, and international trade secretary, Anne-Marie Trevelyan, confirmed the total value of goods subjected to partial or full trade sanctions since the invasion of Russia to over £4 billion.

Few last rounds of measures have primarily targeted the energy sector and have also laid an asset freeze on the largest bank of Russia, and penalties against organizations people who were involved with information and media.

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