"Russia is one of the leading platinum and palladium producing countries and is highly dependent on the UK for exports of platinum and palladium products," the UK's Department of International Trade said. "We encourage all importers that use Russian imports to source alternative supplies."
Russia supplies around 40% of global palladium.
Other leading producers of platinum group metals include South Africa.
The total new package of sanctions on Russia and Belarus targeted £1.7 billion worth of trade "in a move designed to further weaken Putin's war machine," the department said.
Legislation will be drawn up to implement the changes.
The UK has import restrictions on over £2.4 billion of imports from Russia, excluding energy-related announcements.
