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.

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)

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.

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.

The government also announced sanctions against Russian oligarchs and their family members and close associates of Putin, and restrictions on exports to Russia of "goods that could be used in the production and manufacture of weapons."

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.