UK: NEW PACKAGE OF SANCTIONS ON RUSSIA AND BELARUS TARGETING £1.7 BILLION WORTH OF TRADE

On 8 May, the Department for International Trade issued a news release saying that it is –

  • raising tariffs by 35 percentage points on products such as chemicals, platinum, and palladium, which represented almost 10% of UK exports to Russia in 2021; and
  • imposing import restrictions on over £2.4 billion of imports from Russia, excluding energy-related announcements;

It encourages all importers that use Russian imports to source alternative supplies, but the changes will require legislation which will be laid in due course to implement these measures.

https://www.gov.uk/government/news/uk-punishes-putin-with-new-round-of-sanctions-on-17-billion-of-goods

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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