Exports of Luxury Goods to Russia Banned; New Blocking Sanctions Announced

President Joe Biden issued an executive order March 11 banning exports of luxury goods headed to Russian residents, including luxury vehicles, jewelry, high-end alcohol, high-end watches, and high-end jewelry. A fact sheet said Russians import about $550 million a year worth of these goods.

Biden also announced new banking-related and financing restrictions as well as blocking sanctions on members of the Duma who sponsored legislation to recognize parts of Ukraine as independent republics. The new blocking designations will also target billionaire Yuri Kovalchuk and executives of banks that were previously sanctioned.

The Treasury Department will also develop guidance on sanctions to make clear that all U.S. persons must comply, whether the transaction is in traditional currency or cryptocurrency, such as bitcoin.