May 09, 2022 12:34 UTC
  • A flag flies outside the consular section of Russia\'s Embassy in London, Britain, March 20, 2018. (Reuters)
    A flag flies outside the consular section of Russia\'s Embassy in London, Britain, March 20, 2018. (Reuters)

The UK has imposed new sanctions on Russia and Belarus over Moscow’s military operation in Ukraine including punitive import tariffs on precious metals and export bans.

The import tariffs affect trade worth 2.35 billion dollars while export bans target Russia’s manufacturing and heavy industry, according to a statement from the Department for International Trade.

“This far-reaching package of sanctions will inflict further damage on the Russian war machine,” said Secretary of State for International Trade Anne-Marie Trevelyan.

The new sanctions include £1.4bn of UK import tariffs – border taxes paid by buyers on goods shipped from Russia – that will affect imports of platinum, palladium and other products including chemicals from Russia.

According to Press TV, the new package of restrictions brings the total value of products targeted by full or partial import and export sanctions to more than £4 billion.

“Over £4 billion worth of goods will now be subject to import and export sanctions, doing significant damage to Putin’s war effort,” said finance minister Rishi Sunak.

“They mark a third wave of sanctions against Russia since the invasion of Ukraine,” Sunak said in a statement. 

Britain is acting in concert with its Western allies to try to cripple the Russian economy as punishment for Russia’s operation in Ukraine, and it has already sanctioned more than 1,000 individuals and businesses.

Moscow has vowed to stop the operation once its list of security demands was met.

The demands include Ukraine's refusal to join the Western military alliance of NATO and its provision of due protection for Russia's interests in the ex-Soviet republic.

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