UK Sanctions Target Russia Precious Metals
May 27, 2022 – The United Kingdom announced a 35% tariff on all platinum and palladium imports from Russia and Belarus, targeting over £1.7 billion of trade.
This new round of sanctions is intended to put increased pressure on Russia and further weaken the military war machine. These new sanctions would increase tariffs on previous metal imports from Russia and Belarus. Russia is one of the largest suppliers of both precious metals, supplying around 40% of the world’s palladium and 15% of all platinum. The United Kingdom imported £1.2 billion ($1.47 billion USD) worth of platinum and palladium from Russia last year alone.
In addition, the UK Department for International Trade will be increasing tariffs on a wider range of products from Russia by 35%. A ban on exporting goods to Russia was also announced, stopping the flow of plastics, rubber, chemicals and machinery to Russia, an industry worth £250 million.
In a statement from Britain’s Finance Minister, Rishi Sunak, this newest round of sanctions would impact more than 4 billion pounds of goods and do “significant damage to Putin’s war effort.”
MITIGATE SUPPLY CHAIN RISK BY MONITORING CRITICAL SITUATIONS
It is important to maintain a close eye on manufacturers and businesses as they respond to events that may impact the global economy. In particular, we are monitoring businesses and fab sites that are located in Russia or Ukraine, or closely related to those countries to help you understand how your business may be affected.
Business impact may come in the form of materials banned from a certain fabrication location and need to be rerouted to a new fab site. Or precious metals and minerals that suddenly spike in price due to increased tariffs, so alternative suppliers need to be found in order to save costs.
SiliconExpert’s P5 Supply Chain Risk Management tool not only monitors critical events around the globe, but also provides predictive intelligence on pricing, lead time, and inventory.
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