Britain has hit Russia with a third wave of trade sanctions including trading of platinum and palladium imports in the latest action against President Vladimir Putin’s regime.
The United Kingdom introduced new sanctions on Russia and Belarus which will affect £1.7 billion worth of trade.
Further, a ban was placed on materials such as rubber, machinery, chemicals and plastics. This will affect goods valued at £250 million.
These new series of sanctions will affect Russian economy which depends on goods from the United Kingdom.
Anne-Marie Trevelyan, International Trade Secretary, stated that: “We are determined to do our utmost to thwart Putin’s aims in Ukraine and undermine his illegal invasion, which has been barbaric acts perpetrated against the Ukrainian people.
‘This far-reaching package of sanctions will inflict further damage on the Russian war machine.
‘It is part of a wider coordinated effort by the many countries around the world who are horrified by Russia’s conduct and determined to bring to bear our economic might to persuade Putin to change course.’
The total value of goods subjected to full or partial import and export sanctions since Putin’s attack of Ukraine is valued at £4 billion.
Rishi Sunak, Chancellor, said: ‘Putin’s illegal invasion of Ukraine is causing suffering on an enormous scale. His barbaric war must be stopped.
‘Over £4 billion worth of goods will now be subject to import and export sanctions, doing significant damage to Putin’s war effort.
‘Working closely with our allies we can and will thwart Putin’s ambitions.’
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