Russian nationals shopping for luxury goods in Britain are being forced to tighten their purse strings due to a fresh set of government sanctions.
said in a statement to WWD last month that the most recent EU and Swiss sanction laws include a prohibition on “the sale, supply, transfer or export, directly or indirectly, of luxury goods to any natural or legal person, entity or body in Russia or for use in Russia. Under the applicable EU sanctions, this prohibition applies to luxury goods listed insofar as their value exceeds EUR 300 per item .
In April, the British government unveiled further trade sanctions against Russia, expanding the list of products facing import bans and increasing tariffs. Including those new measures, the U.K. is now imposing import tariffs and bans on more than 1 billion pounds of Russian goods. The new sanctions included import bans on silver, wood products and high-end products from Russia, including caviar. It also set out tariff increases of 35 percent on around 130 million pounds worth of products from Russia and Belarus, including diamonds and rubber.steadfast in our support for the people of Ukraine and these new significant sanctions will impose further economic pain on [Vladimir] Putin’s economy for his barbaric and unjustified attacks on a sovereign nation.
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