UK announces new £1.7 billion sanctions against Russia, Belarus

The UK has announced a new package of sanctions on Russia and Belarus targeting £1.7 billion worth of trade in a move designed 'to further weaken Putin’s war machine,' Report informs, citing the UK government's website.

"It 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 government said.

As is noted, the tariff will be increased by 35%.

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.