May 23, 2022
Canada bans luxury goods trade with Russia, sanctions 14 other individuals
May 23, 2022
Last Friday, Canada announced a ban on trade in luxury goods with Russia, and added 14 other individuals, including known oligarchs, to the list of sanctions imposed in connection with the Russian invasion of Ukraine.
The ban is akin to a set of similar measures taken by Canada’s allies, like the USA and the European Union, and “will help reduce the chances of Russian oligarchs circumventing restrictions by resorting to other luxury goods markets,” as the Canadian government indicated in a press release.
The ban covers both the export of luxury goods to Russia and their import from Russia.
Export-wise, the measure applies to products such as spirits, tobacco, a number of textile and sportswear products, jewellery, luxury clothes and accessories, and artworks.
Trading in any “goods that may be used in the production and manufacture of weapons by Russia” has also been prohibited by Canada.
Import-wise, Canada has banned Russian seafood, fish and non-industrial diamonds from Friday.
According to the Canadian government, trade in these products was worth CAD76 million (€56 million) in 2021.
In addition, Canada has imposed sanctions on 14 new Russian individuals, including oligarchs and their family members, and people close to Vladimir Putin and his regime.
Since Russia invaded Ukraine, Canada has imposed sanctions on more than 1,000 individuals and organisations from Russia, Ukraine and Belarus.
On Friday, Canadian Foreign Minister Mélanie Joly expressed concern about the war entering “a new phase,” putting global food security at risk.
“A granary to the Middle East,” Ukraine is one of the world's leading producers and exporters of cereals, huge quantities of which are currently held up in blockaded ports in the Black Sea, owing to Russia’s invasion of Ukrainian territory.
“Every ton of grain that we are able to get out of Ukraine will save a life,” Joly told the AFP agency, adding that Canada is holding talks with Ukraine as well as Romania to help release grain exports.
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