The sanctions will bring the total value of products subjected to full or partial import and export sanctions since Russia’s illegal invasion of Ukraine began to more than £4 billion.
The new import tariffs will cover £1.4 billion worth of goods – including platinum and palladium – hampering Putin’s ability to fund his war effort. Russia is one of the leading platinum and palladium producing countries and is highly dependent on the UK for exports of platinum and palladium products.
The planned export bans intend to hit more than £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, targeting key materials such as chemicals, plastics, rubber, and machinery.
This is the third wave of trade sanctions announced and, excluding gold and energy, will bring the proportion of goods imports from Russia hit by restrictions to more than 96 percent, with more than 60 percent of goods exports to Russia under whole or partial restrictions, effectively contributing to the debilitation of the Putin war machine.
Last week, Ms Trevelyan hosted international trade ministers and officials from 23 countries, including the Ukrainian first Deputy Prime Minister, to discuss how best to provide trade and economic support to Ukraine. She also signed a formal exchange of letters to liberalise all tariffs on imports from Ukraine under the UK-Ukraine Free Trade Agreement.
Having killed thousands and displaced millions, the invasion of Ukraine has drawn widespread international condemnation.
The UK government hopes that by implementing damaging economic sanctions on Russia, it can dissuade Putin from continuing his bloody invasion.
Ms Trevelyan said: “We are determined to do our utmost to thwart Putin’s aims in Ukraine and undermine his illegal invasion, which has seen 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.”