Canada is banning the importation of targeted luxury goods from Russia, including alcoholic beverages, seafood, fish, and non-industrial diamonds. Also, the export of targeted luxury goods to Russia, including alcoholic beverages, tobacco, and some textile products among other products. Together, these categories represented $75.7 million worth of goods in 2021.
Mélanie Joly, Minister of Foreign Affairs, announced that Canada is imposing these new sanctions under the Special Economic Measures (Russia) Regulations in response to Russian President Vladimir Putin's "ongoing egregious and unjustifiable invasion of Ukraine".
The relevant public body has confirmed in a press release, that this will ensure that Canada is aligned with similar measures imposed by like-minded partners. These include the United States and the European Union. Further, it will help to mitigate the potential for Russian oligarchs to circumvent restrictions in other luxury goods markets.
Finally, Joly said: "The Putin regime must, and will, answer for their unjustifiable acts. Canada, together with our allies, will be relentless in our efforts to maintain pressure on the Russian regime. Until it is no longer able to wage war. We are unwavering in our support for Ukraine and its people."
In March, BioMar Group decided to shut down all commercial activities with and within Russia as a consequence of the invasion of Ukraine.
