EU sanctions also hit luxury goods – Russia’s exports have fallen by more than 70%

The European Union unveiled a new list of sanctions against Russia on Tuesday.

This is the French Minister for Finance Bruno Le Mairin according to the largest package of sanctions in the history of the EU.

As part of the whole, the EU has imposed import sanctions on Russia for iron and steel products. The EU also imposed export sanctions of more than € 300 on so-called luxury goods.

Exports of goods defined as luxury goods to Russia in 2021 amounted to EUR 83 million, and according to Customs’ preliminary estimate, export sanctions will affect more than 300 companies.

According to a preliminary estimate, import sanctions will affect about 30 companies. According to customs, the situation with Russia has changed rapidly.

Russia’s exports have fallen by more than 70 percent and the rapid decline in imports has also begun, Customs says in a press release published on Wednesday.

“The control of future export and import sanctions will be handled as part of our normal control and we have also been able to provide official assistance to other authorities to locate the assets of persons on the sanctions lists,” commented the Director of Customs Control. Sami Rakshit.

By Editor

Leave a Reply