Victory Day of Russia: Putin addresses the nation
In latest blow to Putin, UK to crack down on Russia-Belarus trade with new sanctions
The UK believes this will impact Russia’s ability to fund the war, further straining Putin’s power
The UK Department for International Trade said the sanctions would target £1.7bn of trade
Currently, we are looking at over US$2 billion through import duties on platinum and palladium and export bans on chemicals, plastics, rubber and machinery.
It is also expected that almost half a billion dollars in the sectors of the Russian economy most dependent on British products will also be affected.
This comes as Europe Day celebrations begin.
The message today is loud and clear that Europe is united for Ukraine.
This was echoed in a recent call with Western leaders, who are quick to tighten their sanctions against Russia.
G7 leaders met in a video call with Ukrainian President Volodymyr Zelensky, the United States and Canada also imposing new sanctions.
Let’s not forget that this is not the first time that the UK has chosen to target trade.
This is actually the third round of trade sanctions imposed by the UK.
So looking at the big picture, excluding gold and energy, that would see over 96% of goods imports from Russia hit by restrictions and over 60% of exports from goods to Russia subject to total or partial restrictions.
Of course, this all comes as Russia prepares to celebrate VE Day, with all eyes on Putin.
And in the words of Britain’s International Trade Secretary, this far-reaching sanctions package will inflict further damage on the Russian war machine.