On 8 May 2022, HM Treasury (HMT) and the Department for International Trade (DIT) announced that the UK would impose an additional tariff of 35% on various Russian and Belarussian goods, including platinum and palladium. The announcement notes that Russia is "one of the leading platinum and palladium producing countries" and claims that Russia "is highly dependent on the UK for exports of platinum and palladium products". The new tariffs are the third package of tariff increases on Russian and Belorussian goods since the start of the current Ukraine conflict. For information on all tariff increases announced to date, see DIT: Additional duties on goods originating in Russia and Belarus.

The announcement also suggests that the government will introduce new export bans to "target Russia's manufacturing and heavy machinery sectors", including "materials such as chemicals, plastics, rubber and machinery". No further details on the new export bans have been provided at this stage.

Source: HMT and DIT: UK punishes Putin with new round of sanctions on £1.7 billion of goods (8 May 2022).