Canada bans targeted luxury goods trade with Russia
Published: May 21, 2022 11:22 AM
Canadian Minister of Foreign Affairs Melanie Joly announced on Friday a ban on the export of targeted luxury goods to Russia as well as a ban on the import of targeted luxury goods from Russia.

According to a news release, Canada is banning the export of targeted luxury goods to Russia, including alcoholic beverages, tobacco, some textile products and sportswear, footwear, luxury clothing and accessories, jewelry, kitchenware, and art.

Canada is also banning the importation of targeted luxury goods from Russia, including alcoholic beverages, seafood, fish and non-industrial diamonds.

Together, these categories represented 75.7 million Canadian dollars (60.6 million U. S. dollars) worth of goods in 2021.

Meanwhile, Canada is imposing new sanctions on 14 individuals including Russian oligarchs, their family members, and close associates of Russian President Vladimir Putin. These bans will help mitigate the potential for Russian oligarchs to circumvent restrictions in other luxury goods markets, the news release said, adding that Canada is also implementing a ban on the export of goods that could be used in the production and manufacture of weapons by Russia.

Since Feb. 24 this year, Canada has imposed sanctions on more than 1,000 individuals and entities from Russia, Ukraine and Belarus.