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Home » EU seeks to ban Russia’s import of luxury cars — FT — online.ua
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EU seeks to ban Russia’s import of luxury cars — FT — online.ua

May 25, 2024No Comments2 Mins Read
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EU seeks to ban Russia’s import of luxury cars — FT — online.ua
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The European Union is preparing to strengthen sanctions against Belarus. The new sanctions will be aimed at limiting the “loopholes” that Russia uses to circumvent the restrictions

What is known about the new EU sanctions

The European Union plans to expand sanctions against Alexander Lukashenko’s regime in Belarus, as Russia uses Belarus to circumvent sanctions. With Minsk’s help, Moscow continues to import luxury cars and luxury goods.

According to a draft seen by the Financial Times, the new restrictions being discussed by EU member states are aimed at “minimizing the risk of circumvention”.

The new sanctions will ban exports to and through Belarus of technologies and goods that can be used for military purposes and liquefied natural gas. The EU will also stop importing diamonds from Belarus.

As the publication notes, if the new sanctions are adopted, their main goal will be to restrict the flow of luxury car sales to Belarus, which will then go to Russia.

The monthly flow of vehicles and spare parts to Belarus from EU countries increased from $50 million in January 2022 to $268 million in January 2024. The largest increase in exports was recorded in the most expensive categories of cars, i.e. those that fell under EU sanctions against Russia.

Customs officers from EU countries believe that Belarusian companies have become a key component of Russian smuggling networks. As the Financial Times writes, despite the sanctions, Rolls-Royce and Maybach luxury cars are still being imported to Russia. At the same time, they enter the Russian Federation within a few months after leaving the factory.

Western sanctions against Russia: What is known

Since the beginning of the full-scale invasion, the European Union has already introduced 13 packages of sanctions against Russia for its war of aggression against Ukraine. The EU also introduced sanctions against Belarus.

The EU is currently discussing a package of 14 sanctions against Russia. The mass media reported that 21 Russian companies and 19 individuals will be included in the sanctions list.

EU ambassadors also agreed on new sanctions against Russia due to the death of opposition leader Alexei Navalny.

More on the topic

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Economics

Publication date
20 May 07:47
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Category

Economics

Publication date
20 May 14:06
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Diamonds
Category

Economics

Publication date
20 May 16:44
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Russian tanker


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