Britain has imposed a third round of trade restrictions on Russia, costing £1.7 billion, in response to the invasion of Ukraine.

In the latest step against President Vladimir Putin’s administration, Britain has imposed a third wave of trade restrictions on Russia, including metal imports.

The United Kingdom has imposed new sanctions on Russia and its ally Belarus, totaling £1.7 billion in trade.

New tariffs on Russian imports of £1.4 billion worth of products, including platinum and palladium, will be implemented.

Furthermore, export limitations on critical resources such as chemicals, plastics, rubber, and machinery will affect about £250 million in goods.

It is hoped that they will hurt the Russian economy’s most reliant on British commodities.

‘We are determined to do everything we can to impede Putin’s ambitions in Ukraine and undercut his unlawful invasion, which has seen atrocious atrocities committed against the Ukrainian people,’ said International Trade Secretary Anne-Marie Trevelyan.

‘The Russian war machine will be further harmed by this broad set of sanctions.’

‘It’s part of a larger coordinated campaign by many countries around the world that are appalled by Russia’s behavior and are determined to use our economic might to urge Putin to alter course.’

Since Mr Putin’s campaign on Ukraine, the value of products subjected to full or partial import and export bans has surpassed £4 billion.

More than 96 percent of items imported from Russia are now subject to restrictions.

Over 60% of commodities sent to Russia are likewise subject to full or partial restrictions.

“Putin’s illegitimate invasion of Ukraine is causing great pain,” remarked Chancellor Rishi Sunak. His heinous conflict must be put to an end.

‘Over £4 billion in goods will now be vulnerable to import and export sanctions, putting Putin’s war effort at risk.

‘We can and will block Putin’s aims by working closely with our partners.’

Categorized as News

Leave a comment

Your email address will not be published. Required fields are marked *