Why is the UK increasing tariffs on Russian platinum and palladium?

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The UK is increasing tariffs on Russian platinum and palladium as part of a new sanctions package aimed at weakening Russia's economy and its ability to fund its military operations.

The United Kingdom is implementing a new package of sanctions that will increase import tariffs on platinum and palladium originating from Russia and Belarus. This measure is part of a broader strategy to target £1.7 billion worth of trade, with the explicit goal of further undermining Russian President Vladimir Putin's capacity to sustain his military actions. These sanctions represent the third wave of measures imposed by Britain since Russia's invasion of Ukraine.
Increased Tariffs on Key Russian Imports

The new sanctions include a significant increase of 35 percentage points on import tariffs for a variety of products, notably including platinum and palladium, both of which are commodities where Russia is a leading producer. This move directly targets vital Russian exports and aims to make them less competitive in the international market. The UK government intends to legislate these new sanctions in the near future.
Broader Trade Restrictions

Beyond the tariff increases, the UK is also imposing a ban on exports to Russia of goods valued at approximately £250 million. This list of prohibited exports includes essential items such as chemicals, plastics, rubber, and machinery. These coordinated import and export sanctions collectively affect over £4 billion of goods, as stated by British Finance Minister Rishi Sunak, who indicated that these actions are designed to inflict "significant damage to Putin’s war effort."
Coordinated International Action

Britain's decision to enhance sanctions on Russian trade is being undertaken in close collaboration with its Western allies. The overarching objective of this unified approach is to exert economic pressure on Russia as a consequence of its invasion of Ukraine. This effort is part of a sustained campaign that has already seen over 1,000 individuals and businesses associated with Russia being sanctioned.

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Why is the UK increasing tariffs on Russian platinum and palladium?

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