Britain imposes more sanctions on Russia and Belarus

Britain imposed additional sanctions on Russia and Belarus over the conflict in Ukraine, including an export ban and an import tax on precious metals.

Britain’s Department for International Trade on May 8 announced an increase in tariffs on precious metals, including platinum and palladium, imported from Russia and Belarus in a new package of sanctions affecting a trade value of US$2.1 billion aim dollars.

London also increased import taxes on a range of products from these two countries to 35% and banned the export of goods such as chemicals, plastics, rubber and machinery to Russia. The US$310 million UK export ban targets Russia’s manufacturing and heavy industry.

‚ÄúThis far-reaching package of sanctions will inflict further damage on Russia. It is part of a broader coordinated effort by many countries around the world, appalled by Russia’s actions and determined to use economic might to persuade Russian President Vladimir Putin to change course,” said UK Foreign Secretary Anne-Marie Trevelyan.

Britain's International Trade Secretary Anne-Marie Trevelyan speaks in London October 2021.  Photo: Reuters.s

Britain’s International Trade Secretary Anne-Marie Trevelyan speaks in London October 2021. Picture: Reuters.

UK Treasury official Rishi Sunak said more than $4.9 billion worth of goods would be subject to new import and export sanctions, which “would cause significant damage to Mr Putin’s efforts”. The new measures mark the third round of British sanctions against Russia since the country launched a military operation in Ukraine.

Russia and Belarus have not yet responded to the new British sanctions.

Britain is working with western allies to try to cripple Russia’s economy to protest its military campaign. London has imposed sanctions on more than 1,000 people and companies accused of involvement in the Ukraine conflict.

The European Commission last month proposed suspending import tariffs on Ukrainian goods, saying it would help ease the plight of Ukrainian manufacturers and exporters. The UK also announced on April 26 that it would cut all taxes on Ukrainian goods.

After Russia launched a military campaign in Ukraine, the US and its allies imposed many rounds of sanctions against Russia, including removing some Russian banks from the international SWIFT payment system, banning the import of many goods from Russia, and removing most-favoured-nation status with it Country. The United States also announced a ban on imports of oil and other energy products from Russia.

Western countries are freezing about half of the more than $600 billion in foreign exchange and gold reserves held by the Central Bank of Russia. This is considered one of the toughest economic sanctions against Moscow.

The military situation in Ukraine after 11 weeks of fighting.  Graphic: Washington Post.

The military situation in Ukraine after 11 weeks of fighting. Graphic: Washington Post.

Ngoc app (Corresponding AFP/Reuters)