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Canada bans luxury goods trade with Russia, punishes more oligarchs

The ban aligns with similar measures imposed by allies such as the United States and the European Union.

Published on: May 20, 2022, 23:00:53 IST
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Canada announced Friday a ban on trade in luxury goods with Russia, and added 14 more Russian oligarchs and other associates of President Vladimir Putin to its sanctions list imposed over the invasion of Ukraine.

Canada bans luxury goods trade with Russia, punishes more oligarchs (REUTERS)
Canada bans luxury goods trade with Russia, punishes more oligarchs (REUTERS)

The ban aligns with similar measures imposed by allies such as the United States and the European Union, and "will help to mitigate the potential for Russian oligarchs to circumvent restrictions in other luxury goods markets," the government said.

Also read: Watch | Bilawal defends Imran Khan's Russia visit, says: ‘No one has a 6th sense’

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

These represented Can$76 million (US$59 million) worth of goods in 2021, according to trade figures.

Also read: Zelensky slams Russia over 'deliberate attempt to kill as many as possible'

Canada has slapped sanctions on more than 1,000 individuals and entities from Russia, Belarus and Ukraine since Moscow's invasion of Ukraine started on February 24.

 
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