The White House website stated, the US is taking additional actions to further isolate Russia from the global financial system. President Biden of the USA, together with G7 leaders from Canada, France, Germany, Italy, Japan, the UK, and the European Union (EU), are imposing fresh economic penalties on Russia. It is in response to Russia’s reckless behavior in Ukraine.
The moves include a prohibition on the export of luxury goods. It includes “high-end watches, luxury vehicles, high-end apparel, high-end alcohol, jewelry, and other goods frequently purchased by Russian elites.”
The White House statement said: “The elites who sustain Putin’s war machine should no longer be able to reap the gains of this system and squander the resources of the Russian people.”
The sanctions will also ban the import of commodities from numerous key sectors of Russia’s economy. There will be additional sanctions on Russian elites and their family members, such as Yuri Kovalchuk. They will also prevent Russia from obtaining financing from major financial institutions.
The US will cooperate with the G7 leaders and EU to ensure that Russian goods do not receive “most favored nation treatment”. Also, they will assure that the country does not benefit from its WTO membership.
“Those who sustain Putin’s war machine should no longer be able to enjoy their lavish lifestyle while bombs fall on innocent people in Ukraine,” said European Commission President Ursula von der Leyen. She also announced the fourth package of restrictive measures.
She went on to say that they were taking more steps to “drain resources [Russia] uses to finance this barbaric war.”
Russian oligarchs’ luxury vessels have come under intense scrutiny as sanctions against them have been tightened. Taiylor Simone Mitchell of Insider put up a photo gallery of some of the most noteworthy cases.
