Britain to increase tariffs on Russian platinum, palladium in new sanctions
Britain announced on Sunday it will increase tariffs on platinum and palladium imports from Russia and Belarus in a new package of sanctions targeting £1.7-billion ($2.10-billion) of trade, which it said aimed to further weaken Russian President Vladimir Putin's war machine.
Import tariffs on a range of products will be raised by 35 percentage points, Britain said, while it will also ban exports of goods such as chemicals, plastics, rubber and machinery to Russia, worth a combined £250-million ($310-million).
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.
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 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.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation