Europe will no longer sell to Russia luxury goods and fashion accessories whose price exceeds 300 dollars. This was decided on March 15, 2022, by the Council of the European Union, ratifying the indications that emerged during the meeting between European diplomats which took place on Monday, March 14, 2022, behind closed doors. The list of banned products, which consists of almost 400 categories, also includes handbags, leather and fur clothing, coats, dresses, shoes, shirts and other articles of clothing. In total, the value of exports affected by the decision to ban Moscow amounts to about 25 billion dollars a year, according to Bloomberg’s calculations based on data from the International Trade Center.
Brussels bans Moscow
The European Union has approved a ban on selling cars over 50,000 euros and motorbikes over 5,000 euros to Russia. But the fourth tranche of sanctions against Moscow for its invasion of Ukraine also affects many other luxury and fashion goods. For example: clothing, accessories and jewellery worth more than 300 euros. This decision follows US President Joe Biden‘s decision on Friday, March 11, 2022, to issue an executive order blocking trade. Subject: the US import of Russian products and the export of high-end goods to Moscow.
Europe in the wake
This measure has called on Europe’s allies to follow suit. Russia, in fact, buys luxury goods mainly from Europe, in particular from France and Italy. The measure had been anticipated by Bloomberg, which had seen a draft of the more than 400 product categories included in the measure. The list also includes handbags, leather and fur clothing, coats, dresses, shoes, shirts and other articles of clothing.