May 9, 20224:47
AM GMT+7
Plastic letters arranged to read "Sanctions" are
placed in front the Union Jack and Russian flag colors in this illustration
taken February 28, 2022. REUTERS/Dado Ruvic/Illustration
LONDON, May 8 (Reuters) - Britain announced on Sunday it will
increase tariffs on platinum and palladium imports from Russia and Belarus in a
new package of sanctions targeting 1.7 billion pounds ($2.10 billion) of trade,
which it said aimed to further weaken Russian President Vladimir Putin's war
machine.
Import tariffs on a range of products will be raised by 35
percentage points, Britain said, while it will also ban exports of goods such
as chemicals, plastics, rubber and machinery to Russia, worth a combined 250
million pounds ($310 million).
The UK government will legislate for the new sanctions in due
course, it said.
Britain is acting in concert with its Western allies to try to
cripple the Russian economy as punishment for Russia's invasion of Ukraine, and
it has already sanctioned more than 1,000 individuals and businesses.
Russia, a leading producer of platinum and palladium, has called
the invasion it launched in February a "special military operation"
aimed at demilitarizing and "denazifying" its neighbour.
British Finance Minister Rishi Sunak said more than 4 billion
pounds of goods would be subject to import and export sanctions, doing
"significant damage to Putin's war effort". They mark a third wave of
sanctions against Russia since the invasion of Ukraine.
"Working closely with our allies we can and will thwart
Putin's ambitions," Sunak said in a statement.
($1 = 0.8106 pounds)
Reporting by Paul Sandle; Editing by Susan Fenton
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