9 May 2022, 03:29 PM

UK targets $2.1 billion in trade with new Russia sanctions

In order to further cripple the Russian war machine, the UK is to impose fresh sanctions against Russia and Belarus, restricting $2.1 billion worth of trade with those countries, the UK Cabinet said on May 8.

According to the message, this puts the total amount of trade between the UK and Russia that has been restricted by Western sanctions at almost $5 billion.

New import tariffs will cover $1.73 billion worth of goods, including platinum and palladium. These efforts aim to further constrict Moscow’s ability to finance its unprovoked war of aggression against Ukraine, since Russian industry heavily depends on imports of these precious metals from the UK.

Additional action is going to be taken to debilitate several import-reliant sectors of Russian manufacturing: chemicals, plastics, rubber, and machinery – worth $308 million in total.

Earlier, Canadian PM Justin Trudeau announced a new set of sanctions against Russian officials, oligarchs, and businesses.

Russia's war against Ukraine - the main events of May 9

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