Canada bans luxury goods trade with Russia, punishes more oligarchs

Canada bans luxury goods trade with Russia, punishes more oligarchs

Ukraine war: Canada also announces sanctions against Russian oligarchs and their family members.

Ottawa:

Canada on Friday announced a ban on trade in luxury goods with Russia and added 14 more Russian oligarchs and other allies of President Vladimir Putin to its list of sanctions against Ukraine.

The ban is in line with similar measures imposed by allies such as the United States and the European Union, and will “help reduce the likelihood of Russian oligarchs avoiding restrictions on the market for other luxury goods,” the government said.

It covers Canadian alcoholic beverages, tobacco, some textile products and sportswear, footwear, luxury clothing and accessories, jewelry, kitchenware and crafts, as well as imports of alcoholic beverages, seafood, fish and diamonds from Russia.

According to trade statistics, these represented products valued at 21 76 million (US $ 59 million) in 2021.

The government has announced sanctions against Russian oligarchs and their family members and close associates of Putin, and has banned exports to Russia “that could be used in the manufacture and manufacture of weapons.”

Canada has imposed sanctions on more than 1,000 individuals and entities in Russia, Belarus and Ukraine since Moscow’s invasion of Ukraine began on February 24.

(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)

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