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The UK is targeting a total of $2 billion worth of trade with Russia and Belarus by introducing a new, third wave of sanctions.

The British government said in a statement on Sunday that the move is designed to further weaken "Putin's war machine". With these new sanctions, the value of the products subjected to tariffs will amount to more than 4 billion pounds.

"The new import tariffs will cover £1.4 billion worth of goods – including platinum and palladium," the UK government said, adding that "the planned export bans intend to hit more than £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, targeting key materials such as chemicals, plastics, rubber, and machinery." 

This number constitutes about 10% of the UK's total export to Russia. Moscow is one of the world's leading platinum- and palladium-producing countries.

Excluding gold and energy, 96% of Russia's exports to the UK and over 60% of the UK's exports to Russia are now under sanctions, according to the government statement.

Canada sanctions 40 Russian individuals

Canadian Prime Minister Justin Trudeau's office announced, following his visit to Kiev, that Canada will introduce new sanctions against 40 Russian individuals.

Trudeau had visited Kiev on Sunday, where he met with Ukrainian President Volodymyr Zelensky.

Moreover, Trudeau's office announced that additional military supplies will be sent to Ukraine, adding that "Canada will be imposing new sanctions under the Special Economic Measures (Russia) Regulations."

These sanctions will particularly target "21 additional Russian individuals, including oligarchs," as well as 19 individuals linked to Russia's defense industry, and five entities that provide "direct or indirect support" to Russia's military.