Russia imposes new sanctions

United Kingdom has imposed new sanctions on Russia and Belarus. The ban is mainly on exports of chemicals, plastics, rubber and machinery. The International Trade Department has also imposed new tariffs on platinum and palladium imports.

Photo: Collected

Sanctions are nothing new for Russia. Russia has so far faced about 100 sanctions over its special military operation in Ukraine in the last half of February this year.

This time around, sanctions on raw materials are expected to hit Russia hard. Russia is largely dependent on the United States for its raw materials. Russia is expected to lose about 4 billion euros in sanctions.

Earlier, in the wake of the G-7 summit, Canada and the United States similarly imposed additional sanctions on Russia.

"We are doing everything we can to stop Putin's inhumane treatment," said Annie Marie, secretary of the International Trade Organization. We have stood by the oppressed people of Ukraine from the beginning till now.

He added that the new sanctions would be a major blow to Russia. The country will not be able to continue its unjust war in Ukraine for long if there is a shortage of raw materials.

The United Kingdom has said in a statement that the ban was a "third step". As a result of the sanctions, the United States is restricting both imports and exports with Russia. The United Kingdom imports 98 percent of its raw materials from Russia. Similarly, Russia exports 70 percent of its raw materials to the country.

Meanwhile, in the midst of the ongoing war, Russia celebrated its Victory Day on Monday (May 9). Russia has been celebrating the day since the liberation of Germany in 1945 during World War II. In the ongoing war situation, this year's Victory Day has created a special significance in the minds of the soldiers and citizens of the country.

Source: BBC