The UK has imposed new sanctions on Russia and Belarus in response to the invasion of Ukraine.
The Department for International Trade said new import tariffs will apply to goods.
They said they would hit Russia's ability to fund the war.
Chemicals, rubber, and machinery will be targeted by export bans. The value of products subject to UK sanctions is more than 4 billion.
The new import tariffs will affect more than one billion of goods, while the planned export bans will affect products worth more than $250 million in the Russian economy.
The US and Canada imposed new sanctions after the G7 leaders held a video call with the Ukrainian President.
The International Trade Secretary said that they were determined to do their best to undermine Putin's illegal invasion of Ukraine.
This far-reaching package of sanctions will cause more damage to the Russian war machine.
Chancellor Sunak said that the invasion of Ukraine is causing suffering on an enormous scale. His war must be stopped.
He said the new import and export sanctions would hurt Putin.
The third round of trade sanctions announced by the UK government would affect more than 98% of goods imports from Russia and more than 60% of goods exports to Russia.
Victory Day, the commemoration of the Soviet victory over Nazi Germany in 1945, will be celebrated in Moscow with an annual military parade. The war in Ukraine has changed the significance of this year's event, with thousands of troops due to parade despite many being deployed in Ukraine.
Western countries have introduced sanctions against Russia, targeting individuals, banks, businesses and major state-owned enterprises. Roman Abramovich, the billionaire owner of a football club, is one of the high-profile individuals to be targeted.
The assets of all Russian banks have been frozen by the UK, as well as limits on deposits Russians can make at UK banks. The US and the EU have implemented other sanctions.
McDonald's, Coca-Cola, and Starbucks are just a few of the international companies that have stopped trading in Russia.
The UK government has accused Alexander Lukashenko of aiding and abetting Russia's invasion.
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