The UK on Sunday increased import duties on platinum and palladium from Russia and Belarus. The measure is part of a new package of economic sanctions aimed at cutting Russian President Vladimir Putin’s war budget. Russia is a major producer of platinum and palladium.
The UK will also raise tariffs on a range of other products, by 35 percentage points. The new measures target trade worth almost €2 billion.
The UK also wants to ban the export of products such as chemicals, plastics, rubber and machinery to Russia. This export is good for around 300 million euros.
In total, the UK has now announced import and export sanctions linked to goods worth more than €4.5 billion, Britain’s Chancellor of the Exchequer said on Sunday. .
The UK has also imposed sanctions on more than 1,000 people and companies as punishment for their involvement in Russia’s invasion of Ukraine.