The UK has announced new sanctions against Russia and Belarus, affecting mutual trade in goods worth 1.7 billion pounds a year. This includes additional 35% duties on imports of palladium and platinum from Russia, which, according to official London, reaches 1.4 billion pounds a year.
In addition to platinum group metals, export restrictions will affect chemical products, polymers and equipment. As a result of the new sanctions, goods from Russia and Belarus worth more than £4 billion are subject to full or partial UK import and export restrictions.
"Russia is one of the leading producing countries of platinum and palladium and is highly dependent on the UK for exports of platinum and palladium products," reads statement UK government.
Export restrictions will affect the sectors of the Russian economy "most dependent on goods from the UK." Given the new restrictions, sanctions will apply to 96% of goods imported from Russia and 60% of UK exports to Russia.
In London, all importers using Russian imports were urged to use alternative sources.
“This far-reaching package of sanctions will further damage the Russian military machine. This is part of a wider coordinated effort by many countries around the world who are horrified by Russia's behavior and determined to use our economic power to persuade Putin to change course," said British Secretary of State for International Trade Anne-Marie Trevelyan.
Last week, Ms. Trevelyan hosted international trade ministers and officials from 23 countries, including Ukraine's First Vice Prime Minister, to discuss how best to provide trade and economic support to Ukraine.
She also signed a formal exchange of letters liberalizing all tariffs on imports from Ukraine under the UK-Ukraine Free Trade Agreement.