The US Sets ban on exporting luxury goods to Russia

The US Sets ban on exporting luxury goods to Russia. 

On Friday, March 11, 2022, the US Department of Commerce put new restrictions on the shipment of luxury products to Russia and Belarus. “We’ve also implemented an import embargo on Russian wine, seafood, and non-industrial diamonds,” said Department of State spokesman Ned Price.

The US Department of State’s Spokesperson stated that the US would ensure that Russia receives no relief from sanctions if it stays committed to Ukraine.

“We are dedicated to and united with Ukraine, and we shall remain so.” “Until Putin reverses direction and relents in his violent aggression, there will be no relief from sanctions or other consequences we have imposed and will continue to impose on Russia,” Price added.

Before the United States, the European Union announced a restriction on luxury goods shipments to Russia. 

MORE: Biden is trying to lower trade between the U.S. and Russia.

The EU will ban the shipment of luxury products to Russia, in addition to removing Russia’s benefits as a member of the World Trade Organization and taking further actions against Russian elites close to the Kremlin, according to the European Commission President.

In addition, the European Commission stated that the EU would restrict Russia from importing essential iron and steel products. Furthermore, according to the informed EU, a ban on investment in Russia’s energy sector is also in the works.

The moves came after EU leaders convened in Versailles, France, and promised to unveil further measures on Thursday and Friday.

Price previously stated that the US is operating in cooperation with its G7 allies and has taken actions to hold Russia accountable. 

“We announced new sanctions against wealthy Russian elites to guarantee that the Russian government pays a high economic and diplomatic price for its invasion of Ukraine,” he said.