Friday, May 20, 2022
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The UK Releases New Sanctions for Russia and Belarus

In reaction to the invasion of Ukraine, the UK has imposed further sanctions against Russia and Belarus, targeting £1.7 billion in trade.

Platinum and palladium will be subject to increased import duties, according to the Department of International Trade.

Metals are utilized to build mobile phone and computer parts.

Chemicals, plastics, rubber, and machinery will all be subject to export restrictions. The total value of items subject to UK sanctions now exceeds £4 billion.

The increased import taxes will affect £1.4 billion worth of commodities, while the anticipated export prohibitions would affect products worth more than £250 million in the Russian economy’s most reliant sectors.

The declaration followed a video chat between G7 leaders and Ukrainian President Volodymyr Zelensky, as well as fresh penalties imposed by the US and Canada.

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

“The Russian war machine will be further harmed by this comprehensive set of sanctions.”

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

The additional import and export penalties, he added, will “significantly harm Putin’s military effort.”

According to the DIT, the third wave of trade sanctions issued by the UK government would ban more than 96 percent of goods imports from Russia and more than 60 percent of products exports to Russia, except gold and energy.

The new action comes as Russia prepares to commemorate Victory Day, the 1945 victory of the Soviet Union over Nazi Germany, with an annual military parade in Moscow’s Red Square. Because of the conflict in Ukraine, this year’s celebration has taken on new meaning, with Vladimir Putin’s scheduled address set to be highly scrutinized and thousands of troops expected to parade despite the presence of numerous military in Ukraine.

Individuals, banks, corporations, significant state-owned organizations, and exports have all been targeted by Western countries as sanctions against Russia have become more broad. Roman Abramovich, the wealthy owner of Chelsea Football Club, was one of the high-profile persons targeted.

The UK has prohibited important Russian banks from the UK financial system, frozen all Russian banks’ assets, barred Russian enterprises from borrowing money, and established deposit limitations for Russians in UK banks. The US and the EU have imposed more measures.

More than 1,000 foreign firms, including McDonald’s, Coca-Cola, and Starbucks, have either discontinued or abandoned their operations in Russia.

Belarus has been singled out by the UK government, which claims that Belarusian President Alexander Lukashenko assisted and encouraged Russia’s invasion.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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