UK officials on Monday announced further Sanctions against Russia and Belarus worth £1.7bn. The sanctions are intended to encourage Russia to cease its invasion of Ukraine. The UK already has a number of sanctions in place. The UK sanctions package involves raising tariffs on £1.7bn worth of imported goods. Tariffs will increase by 35 percent on goods such as platinum and palladium. Russia is one of the world’s largest producers of platinum and palladium and is heavily dependent on the UK for exports of platinum and palladium products. The hope is that the tariff will hamper Putin’s war effort. In addition, the UK intends to ban the export of £250m worth of goods in various sectors. The ban will affect sectors where Russia relies most on UK products, targeting key materials such as chemicals, plastics, rubber and machinery. This represents nearly 10 per cent of UK exports to Russia in 2021. Secretary of State for International Trade Anne-Marie Trevelyan had this to say in relation to sanctions: This far-reaching sanctions package will inflict more damage to the Russian war. machine. It is part of a larger coordinated effort by many countries around the world that are horrified by Russia’s behavior and determined to use our economic might to persuade Putin to change course. effect, adding to the already existing legislation.