Business news from Ukraine


11 March , 2022  

The United States bans the supply of luxury goods to Russia, complicates the purchase of expensive goods for oligarchs in the country, U.S. President Joe Biden said on Friday.

Referring to the measures against representatives of major Russian businesses, Biden said the U.S. Administration is also going to make it harder to buy luxury goods in the United States for Russians.

“We’re banning export of luxury goods to Russia,” the U.S. president said.

He also said that new names of billionaires from Russia and their families will be included to the U.S. sanctions lists.

In addition, this decision also applies to Belarus. The U.S. Department of Commerce released a statement saying that its Bureau of Industry and Security has imposed restrictions on the export, reexport and transfer (in country) of luxury goods to all end users in Russia and Belarus, as well as to certain “Russian and Belarusian oligarchs.”

This decision is expected to come into force on March 11.