Japan announces ban on exports of luxury goods to Russia

Jiji Press

14:07 JST, March 30, 2022

TOKYO (Jiji Press) — The Japanese government said Tuesday it will ban exports of luxury goods in 19 categories to Russia, as fresh sanctions over its invasion of Ukraine.

The goods include cars with a per-unit export price of over ¥6 million, artworks, fur coats, watches, grand pianos with a per-unit price of more than ¥200,000 and whisky and other high-end alcoholic beverages. The ban, which will take effect on April 5, will not cover luxury goods priced at ¥40,000 or cheaper. Exports of gold coins and gold bullion to Russia will also be banned from the day.

The new measure is aimed at dealing a blow to oligarchs, or very rich individuals, who support Russian President Vladimir Putin.

Japan has already banned Russia-bound exports of some 300 items including semiconductors and machine tools. Japan followed Europe and the United States in selecting the items for the additional export ban and set the minimum values for those items.

In 2021, Japan’s exports to Russia totaled ¥862.3 billion, of which shipments of automobiles and other transport equipment accounted for about 50%. The impact of the additional export ban on the Japanese automobile industry is likely to be “limited,” a government official said, noting that the average value of automobiles being exported to Russia is lower than ¥6 million.