Britain hits Russia with third wave of trade sanctions worth £1.7bn over invasion of Ukraine

The action by ministers attempts to further cripple Mr Putin's war machine. New measures against imports from Russia - adding an additional 35 percentage point tariff - will cover £1.4billion worth of goods, including platinum and palladium.

Russia is one of the leading platinum and palladium producing countries and is highly dependent on the UK for exports of the precious metals.

In addition, export bans on key materials such as chemicals, plastics, rubber and machinery will hit more than £250million worth of goods.

It is hoped these will harm sectors of the Russian economy most dependent on UK goods.

International Trade Secretary Anne-Marie Trevelyan said: 'We are determined to do our utmost to thwart Putin’s aims in Ukraine and undermine his illegal invasion, which has seen barbaric acts perpetrated against the Ukrainian people.

'This far-reaching package of sanctions will inflict further damage on the Russian war machine.

'It is part of a wider coordinated effort by the many countries around the world who are horrified by Russia’s conduct and determined to bring to bear our economic might to persuade Putin to change course.'

The value of products subjected to full or partial import and export sanctions since Mr Putin's waging of war against Ukraine is now more than £4billion.

The proportion of goods imports from Russia that have now been hit by restrictions is now more than 96 per cent.

More than 60 per cent of goods exports to Russia are also under whole or partial restrictions