The UK announced a new package of trade sanctions against Russia and Belarus

The UK announced new measures regarding export bans and import tariffs on May 9^th, 2022. The new sanctions imposed are targeted at further weakening of Russia’s war abilities. Hence, the value of products now subject to partial or full export and import sanctions now reach more than 4 billion pounds since the beginning of Russia’s illegal invasion of Ukraine. This is the third set of trade sanctions declared by the UK government against Russia, which includes products like palladium and platinum and excludes products like gold and energy (relevant for import). The export bans on the other hand are predicted to hit several types of UK goods including plastics, chemicals, machinery, and rubbers, which the RF economy is most reliant on. More information on the measures announced by the UK on May 9^th, 2022, can be found here.