The UK is banning exports of luxury goods to Russia, the British government announced Tuesday. The ban, which will “come into force shortly,” is part of the new wave of international sanctions designed to dial up economic pressure on Russia and isolate the region following its invasion of Ukraine.
The move is intended to target oligarchs and other members of Russia’s elite, the government said in a statement. The US and EU also set in motion a ban on all luxury goods exports last week.
The export ban encompasses goods such as high-end fashion, as well as art and luxury cars. However, some brands, including Burberry and Net-a-Porter, have already been pushed to halt business in Russian due to logistical challenges of operating in the region.
Next week, the UK will also impose new import tariffs on a range of products from Russia, resulting in a 35 increase on current rates, the government said.
Learn more:
Unpacking Luxury’s Response to the War in Ukraine
Whether or not brands keep doing business in Russia is largely being driven by logistical challenges rather than moral commitments.
