No More Diamonds And Caviar For Russian Oligarchs

The European Union banned exports of jewelry, expensive cars, and other luxury goods used by Russian elites supporting Vladimir Putin to sanction their sumptuous lifestyle, as part of a new round of sanctions following the invasion of Ukraine.

The 29-page list of now-prohibited luxury items - such as artworks, antiques, jewelry including diamonds and pearls, watches, and clocks - was published in the European Union's Official Journal.

The ban on luxury exports from the EU to Russia was an effort "trying to target the elite, the oligarchs" in Russia, an EU official told journalists.

The official added that the total EU luxury sales to Russia were worth 3.5 billion euros (£2.9 billion) per year.

"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 valued," another EU official said.

The measures published on Tuesday are the fourth wave of sanctions adopted by the European Union against Moscow since the Kremlin's decision to invade Ukraine.

Fifteen oligarchs and industrialists, including billionaire Roman Abramovich, owner of the English football club Chelsea, have been added to the blacklist of Russians whose EU fortunes have been frozen.

The EU has also banned the import of "essential goods in the iron and steel sector".

No More Diamonds, High-End Cars, and Expensive Champagne For Oligarchs

The list of goods banned for export to Russia includes champagne, wines, alcohol, truffles, caviar, perfumes and cosmetics, leather goods, clothing and underwear, shoes, gloves and hats, pearls and diamonds, electronics and smartphones, watches and musical instruments, cars and motorcycles, sporting goods and video consoles, yachts, antiques and works of art.

"Those who support Putin’s war machine should no longer take advantage of their sumptuous lifestyle as bombs fall on innocent people in Ukraine," said European Commission President Ursula von der Leyen.

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