Canada Imposes New Russia Sanctions, Luxury Trade Restrictions
Canada last week imposed another set of sanctions against Russia for its war in Ukraine, designating 14 people and banning exports and imports of “targeted” luxury goods to and from Russia. The designations apply to Russian oligarchs, their family members and “close associates” of the Vladimir Putin regime. The trade restrictions apply to exports of alcohol, tobacco, certain textile products, luxury clothing, jewelry, art and accessories, and imports of alcohol, seafood and nonindustrial diamonds.
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The new trade restrictions, which would have banned $75.7 million worth of goods last year, align Canada more closely with measures already taken by the U.S. (see 2203110056) and the EU (see 2203150027), Canada said. The sanctions will “help to mitigate the potential for Russian oligarchs to circumvent restrictions in other luxury goods markets,” the country said.