Britain to increase tariffs on Russian platinum, palladium in new sanctions

FILE PHOTO: Plastic letters arranged to read "Sanctions" are placed in front the Union Jack and Russian flag colors in this illustration taken February 28, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - 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 pounds ($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 pounds ($310 million).