News

UK targets Russia’s ability to fund war in new sanctions

Published

4 years ago

May 9, 2022

Brittany Coles

In the latest blow to Putin, the UK will buckle down on Russia and Belarus trade with fresh new sanctions

The UK believes it will impact Russia’s ability to fund the war, putting further strain on Putin’s power

The U.K. Department for International Trade said the sanctions will target 1.7 billion pounds in trade

Right now, we’re looking at over 2 billion US dollars across import tariffs on platinum and palladium and export bans on chemicals, plastics, rubber, and machinery.

It’s also expected almost half a billion dollars in sectors of the Russian economy most dependent on UK goods will be hit too.

This comes as Europe Day celebrations gets underways.

The message today is loud and clear, that Europe is united for Ukraine.

This was echoed during a recent call with western leaders, who aren’t shy in ramping up their sanctions against Russia.

G7 leaders gathered on a video call with Ukrainian President Volodymyr Zelensky, with the US and Canada also imposing new sanctions.

Let’s not forget, this isn’t the first time the UK is choosing to target trade.

This is actually the third round of trade sanctions from the UK.

So looking at the bigger picture excluding gold and energy – this would see more than 96 per cent of goods imports from Russia hit by restrictions and more than 60 per cent of goods exports to Russia under whole or partial restrictions.

Of course this all comes as Russia prepares to celebrate Victory Day, with all eyes on Putin

And in the words of the UK international trade secretary, this far-reaching package of sanctions will inflict further damage on the Russian war machine.

Related Topics:Featured Politics russia trending ukraine WAR

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Adding to the tension, Donald Trump announced a deal involving Greenland, reigniting debate over strategic assets and global influence. The unexpected move injected fresh geopolitical risk into markets already grappling with an unsettled global outlook.

Kyle Rodda from Capital.com, breaks down how markets are reacting, what the Greenland announcement could mean for investors, and what to watch next as Davos concludes.

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Ahron Young

Zelenskyy announces trilateral talks with Russia and the US in UAE, urging stronger European political will at the World Economic Forum.

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He also criticised European leaders at the World Economic Forum, calling for stronger political will.