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Britain is blocking hundreds of millions of dollars worth of luxury goods exports to Russia.
Following the European Union‘s decisions to halt luxury goods exports to Russia, it is now the UK‘s turn to follow suit. Russian oligarchs will no longer have access to luxury cars, art and handbags sold by British companies, after the government blocked exports worth hundreds of millions of pounds.
Last year, British companies sold £2.6bn worth of goods to Russia, mostly cars, worth around £400m, with wealthy Russians keen on prestigious brands such as Aston Martin, Bentley and Rolls-Royce.
“Jaguar Land Rover pulled out essentially because they thought it was the right thing to do,” said David Bailey, professor of business economics at Birmingham University, who added that the collapse of the rouble would also make it difficult for companies to price expensive cars. “This is not good news for companies like Jaguar Land Rover, Bentley and Rolls-Royce.”
Many luxury groups had already taken the decision on their own to stop exports but the ban “will ensure that oligarchs and other members of the elite are denied access to luxury goods“, the government said.
Helen Brocklebank, chief executive of Walpole, the UK’s luxury goods trade body, supports the sanctions. “All of our members have complied immediately with the sanctions imposed and are working to support local employees in every way possible,” she said of the 250 members, which include Bentley, Burberry and Rolls-Royce.
For its part, Sotheby’s said it had already stopped the import and export of art to and from Russia and that its Moscow office was closed until further notice. Christie’s, which has also closed its Moscow office to the public, has decided to cancel its Russian art sales scheduled for this summer in London.
Read also > THE EUROPEAN COMMISSION BANS THE EXPORT OF LUXURY GOODS TO RUSSIA
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Britain is blocking hundreds of millions of dollars worth of luxury goods exports to Russia.
Following the European Union‘s decisions to halt luxury goods exports to Russia, it is now the UK‘s turn to follow suit. Russian oligarchs will no longer have access to luxury cars, art and handbags sold by British companies, after the government blocked exports worth hundreds of millions of pounds.
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Britain is blocking hundreds of millions of dollars worth of luxury goods exports to Russia.
Following the European Union‘s decisions to halt luxury goods exports to Russia, it is now the UK‘s turn to follow suit. Russian oligarchs will no longer have access to luxury cars, art and handbags sold by British companies, after the government blocked exports worth hundreds of millions of pounds.
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