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UK to Raise Tariffs on Russian Platinum And Palladium in New Sanctions

Haiden Holmes

May 09, 2022 09:45

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The United Kingdom announced on Sunday that it will increase tariffs on imports of platinum and palladium from Russia and Belarus as part of a new package of sanctions aimed at 1.7 billion pounds ($2.10 billion) of trade. According to the British government, the move is intended to further weaken Russian President Vladimir Putin's military machine.


Britain has announced that import tariffs on a variety of products will be raised by 35 percentage points, and that it will block the export of $250 million worth of chemicals, plastics, rubber, and machinery to Russia.


71 percent of retail investor accounts who trade CFDs with this supplier lose money.


The British government will enact fresh measures in due time, it was stated.


As a punishment for Russia's invasion of Ukraine, Britain is working with its Western allies to undermine the Russian economy, and it has already sanctioned more than 1,000 persons and businesses.


Russia, a major producer of platinum and palladium, referred to its February invasion as a "special military operation" intended at demilitarizing and "denazifying" its neighbor.


More than 4 billion pounds of products will be subject to import and export sanctions, British Finance Minister Rishi Sunak warned, causing "substantial damage to Putin's war effort." Since the invasion of Ukraine, they represent the third wave of sanctions on Russia.


"We can and will defeat Putin's aspirations by working closely with our allies," Sunak said in a statement.

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