EU Bans Sales of Champagne & Caviar to Russia

The EU has banned the export of luxury cars and Champagne to Russia.

© Shutterstock

luxury-russia

The EU has banned the export of luxury cars and Champagne to Russia.

© Shutterstock

The luxury ban targets a long list of luxury products worth over €300 in a move the EU says is designed to directly hit Russia's elites.

Media report the list includes diamonds, crystal, caviar, Champagne, art, antiques, handbags and clothing. It even includes truffles, vermouth and cigars. Exports of European cars costing more than €50,000 will also be prohibited.

"We only want to target those products that will be luxury goods... so that we do not hit the ordinary Russian that wants to purchase home appliances or other cars which are of less value," one EU official, who declined to be identified, was quoted as saying.

UK also limits luxury goods

The UK has also placed an export ban on luxury goods like British cars, designer fashion and art to Russia three weeks into the Ukraine crisis. It has also ratcheted up tariffs on Russian imports such as vodka.

The Guardian reports that UK companies last year sold £2.6 billion worth of goods to Russia, including cars worth £400 million, as wealthy Russians snapped up Aston Martins, Bentleys and Rolls-Royces.

Many luxury goods companies have already stopped doing business in Russia and shuttered their shops voluntarily since Russia invaded the Ukraine.

FIND OUT MORE