Russia: Trade Sanctions
(1 year, 11 months ago)
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The Secretary of State for International Trade (Anne-Marie Trevelyan)
On May 9 2022, the Department for International Trade and HM Treasury announced a fresh package of trade sanctions targeting £1.7 billion worth of trade with Russia.
These measures, bringing the total value of products subjected to full or partial trade sanctions to over £4 billion, are designed to thwart Putin’s aims in Ukraine and undermine his illegal invasion.
The import tariffs announced today will target £1.4 billion worth of goods imported from Russia, including certain metals such as platinum, chemicals and plastics to put further pressure on Putin and his illegal invasion of Ukraine. Further detail on the products impacted by these new measures can be found at:.
https://www.gov.uk/government/news/uk-punishes-putin-with-new-round-of-sanctions-on-17-billion-of-goods.
New export bans will target over £250 million worth of trade in the sectors of the Russian economy most dependent on UK goods the hardest, including certain chemicals, materials—such as plastics, rubbers, textiles, base metals and wood products, machinery, precision instruments, and electrical products. These bans will target Russia’s manufacturing and heavy machinery sectors, effectively contributing to the debilitation of the Putin war machine. Further detail on the products impacted by these new measures will be shared in June.
This is the third wave of trade sanctions announced by the UK Government and, excluding gold and energy, will bring the proportion of goods imports from Russia hit by restrictions to over 96%, with over 60% of goods exports to Russia under whole or partial restrictions. Legislation will be laid in due course to implement these measures. The UK Government will continue to consider additional measures to further weaken Putin’s war effort. I encourage all importers that use Russian imports to source alternative supplies. As with all sanctions, these measures will be kept under review.
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