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The UK government will legislate for the new sanctions in due course, it said. Britain is acting in concert with its Western allies to try to cripple the Russian economy as punishment for Russia’s invasion of Ukraine, and it has already sanctioned more than 1,000 individuals and businesses.
In a new package of penalties aimed at further weakening Russian President Vladimir Putin’s military machine, Britain announced on Sunday that it will raise duties on platinum and palladium imports from Russia and Belarus, totaling 1.7 billion pounds ($2.10 billion). Britain announced that import levies on a variety of products will be hiked by 35 percentage points, and that it will block exports of commodities worth a total of 250 million pounds ($310 million) to Russia.
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Russia, a leading producer of platinum and palladium, has called the invasion it launched in February a “special military operation” aimed at demilitarizing and “denazifying” its neighbour. British Finance Minister Rishi Sunak said more than 4 billion pounds of goods would be subject to import and export sanctions, doing “significant damage to Putin’s war effort”. They mark a third wave of sanctions against Russia since the invasion of Ukraine.
“Working closely with our allies we can and will thwart Putin’s ambitions,” Sunak said in a statement.
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