The EU is discussing a ban on the export of luxury cars worth more than €50,000 to Russia as part of its latest round of sanctions. The proposed ban would target several European car brands including Audi, BMW, Mercedes-Benz, Ferrari and Porsche.
The restrictions will also apply to boats and planes, ski lifts and motorcycles worth more than €5,000. It's worth noting that Mercedes-Benz, BMW, Ferrari and Audi, as well as Porsche's parent company Volkswagen Group, had already announced they would cut off deliveries to Russia earlier this month.
The ban on the export of luxury cars is rather symbolic, notes Bloomberg. Russia accounts for about 2% of global sales of major European luxury car brands, according to Bloomberg Intelligence, and robust global demand could offset lower exports to Russia.
“Given the large number of orders for all premium brands, I am confident that any unfulfilled exports to Russia will be redirected to other markets,” said Bloomberg Intelligence analyst Michael Dean.
On March 11, the head of the European Commission, Ursula von der Leyen, announced the work on a new package of sanctions. In addition to a ban on the export of luxury goods to Russia, the EU may ban the import of Russian iron and steel products and investments in the Russian energy sector into its territory. New restrictions may also affect some leaders of large enterprises.
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