May 11, 2022

UK imposes additional trade sanctions on Russian goods

On May 9, 2022,  the UK announced new sanctions against Russia and Belarus that include new import tariffs on £1.7 billion worth of goods and new export bans worth more than £250 million, in an effort to hamper Putin’s ability to fund his war on Ukraine.  The UK reports that import tariffs were raised 35 percentage points on products such as chemicals, platinum and palladium, while the new export bans target Russia’s manufacturing and heavy machinery sectors and include materials such as chemical, plastics, and rubber.  

Since Russia’s illegal invasion of Ukraine began, the total value of products subject to full or partial import and export sanctions in the UK is more than £4 billion.  The UK also reports that, excluding gold and energy, the proportion of goods subject to import restrictions is more than 96 percent, while more than 60 percent of goods exported to Russia are under whole or partial restrictions. 

UK government press release