UK issues new package of trade sanctions on Russia and Belarus
On 9 May 2022, the UK announced a new round of trade sanctions on Russia and Belarus targeting £1.7 billion worth of trade. The sanctions announced by the International Trade Secretary and the Chancellor of the Exchequer include import tariffs and export bans. The new import tariffs will cover £1.4 billion worth of goods, including platinum and palladium.
This new round of sanctions will bring the total value of products subjected to full or partial import and export sanctions since Russia’s illegal invasion of Ukraine began to more than £4 billion. The planned export bans intend to strike more than £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, targeting key materials such as chemicals, plastics, rubber, and machinery.
This third wave of trade sanctions announced, excluding gold and energy, will bring the proportion of goods imports from Russia hit by restrictions to more than 96 per cent, with more than 60 per cent of goods exports to Russia under whole or partial restrictions.
The announcement can be found here.
The guidance on additional duties on goods originating in Russia and Belarus can be found here.