The United Kingdom is set to impose 35 percent higher duties on a range of Russian and Belarusian imports, including platinum, palladium, and various chemical products, totaling 1.4 billion pounds (about 1.72 billion dollars). This information aligns with statements attributed to the UK government.
The combined value of Russian imports and UK exports to Russia subject to the new taxes is projected to reach 4 billion pounds (roughly 5 billion dollars).
Upcoming restrictions will also cover British exports to Russia worth 250 million pounds (around 310 million dollars) in sectors that rely most on Britain, such as chemical industry products, polymers, and industrial equipment, according to official sources.
Export-import sanctions will apply to goods valued at more than 4 billion pounds in total, a move the government argues will hinder Vladimir Putin’s military plans. Officials say coordinated action with international allies will disrupt those plans.
The minister underscored that these measures respond to Russia’s military operation in Ukraine.
Alternative suppliers
According to calculations from the UK Ministry of Finance, once the next package takes effect 96 percent of goods imported from Russia to the United Kingdom, excluding gold and energy, will be affected. Additionally, 60 percent of UK exports to Russia will fall under new restrictions. The British government is urging exporters in Russia to identify alternative supply sources.
In mid-March, British authorities announced Russia’s exclusion from the most favored nation trading regime and the imposition of an extra 35 percent tariff on a broad list of Russian goods arriving in the UK.
The list includes copper, iron, steel, fertilizers, wood, tires, railroad containers, cement, aluminum, silver, lead, iron ore, beverages, vodka, vinegar, glass and glassware, grains, oilseeds, paper and cardboard, machinery, art, antiques, animal skins and faux leather, ships, and whitefish.
On February 24, President Vladimir Putin announced that a special military operation had begun in response to requests for assistance from the leaders of the Donetsk and Luhansk people’s republics in Ukraine. In response, several members of the international community, including the United States, Canada, the European Union, and the United Kingdom, have imposed sanctions on Russian individuals and entities. British Foreign Secretary Liz Truss noted that a substantial portion of Russia’s gold and foreign exchange reserves have been frozen, with estimates around 60 percent or roughly 350 billion dollars. European officials are already assessing whether Russia’s reserves could be used to support Ukraine, with EU diplomats discussing potential steps to address this issue.