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Trade Sanctions Update

11 May 2022

Proposing MP
Anne-Marie Trevelyan Con
Berwick-upon-Tweed
Type
Written Ministerial Statement
Department
Department for International Trade
View on Parliament.uk -->

At a Glance

Issue Summary

The statement discusses the announcement of new trade sanctions against Russia by the UK government.

Action Requested

The UK has announced a package of import tariffs and export bans targeting £1.7 billion worth of Russian goods, bringing the total value of products under sanctions to over £4 billion. Legislation will be laid in due course to implement these measures, with further details on impacted products to be shared in June.

Key Facts

  • The new package targets £1.7 billion worth of trade with Russia.
  • This brings the total value of products under full or partial sanctions to over £4 billion.
  • Import tariffs target £1.4 billion worth of goods, including certain metals and chemicals.
  • Export bans will impact over £250 million worth of trade in critical sectors like manufacturing and heavy machinery.
  • The proportion of Russian imports hit by restrictions is now over 96 percent, excluding gold and energy.
  • Over 60 percent of goods exports to Russia are under whole or partial sanctions.
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