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New UK sanctions for Russia and Belarus - Perthshire Chamber of Commerce

New UK sanctions for Russia and Belarus

The UK has announced a fresh package of sanctions on Russia and Belarus in response to the invasion of Ukraine - targeting £1.7bn of trade.

The Department for International Trade said new import tariffs will apply to goods including platinum and palladium.

The metals are used to make parts for mobile phones and computers.

Export bans will target chemicals, plastics, rubber and machinery. It takes the value of products subject to UK sanctions to more than £4bn.

The new import tariffs will cover £1.4bn of goods while the planned export bans are intended to impact products worth more than £250m in sectors of the Russian economy most dependent on UK goods.

The announcement came after G7 leaders held a video call with Ukrainian President Volodymyr Zelensky and the US and Canada also imposed new sanctions.

This third round of trade sanctions announced by the UK government - excluding gold and energy - would see more than 96% of goods imports from Russia hit by restrictions and more than 60% of goods exports to Russia under whole or partial restrictions, said the DIT.

Western countries have introduced increasingly widespread sanctions against Russia - targeting individuals, banks, businesses and major state-owned enterprises, and exports, among others. Among the high-profile individuals to be targeted has been Roman Abramovich, the billionaire owner of Chelsea Football Club.

The UK has excluded key Russian banks from the UK financial system, frozen the assets of all Russian banks, barred Russian firms from borrowing money, and placed limits on deposits Russians can make at UK banks. Other sanctions have been implemented by the US and the EU.

And more than 1,000 international companies have either suspended trading in Russia, or withdrawn altogether - including McDonald's, Coca-Cola and Starbucks.

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