• About Us
  • Contact Us
  • Cookie policy (EU)
  • Home
  • Privacy Policy
  • Video
  • Write for us
Today Headline
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
  • HOME
  • NEWS
    • POLITICS
    • News for today
    • Borisov news
  • FINANCE
    • Business
    • Insurance
  • Video
  • TECHNOLOGY
  • ENTERPRISE
  • LIFESTYLE
    • TRAVEL
    • HEALTH
    • ENTERTAINMENT
  • AUTOMOTIVE
  • SPORTS
  • Travel and Tourism
No Result
View All Result
TodayHeadline
No Result
View All Result

Britain blocks luxury exports to Russia worth hundreds of millions | Luxury goods sector

March 16, 2022
in Enterprise
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter


Russian oligarchs will no longer have access to baubles such as the cars, artworks and designer handbags sold by British companies, after the government blocked exports worth hundreds of millions of pounds.

Last year, UK firms in total sold £2.6bn worth of goods to Russia, the biggest slice of which was cars, at around £400m, as wealthy Russians splashed out on prestigious marques such as Aston Martin, Bentley and Rolls-Royce.

Many luxury goods companies have already voluntarily stopped doing business in Russia but the ban would “make sure oligarchs and other members of the elite are deprived of access to luxury goods”, the government said.

Helen Brocklebank, the chief executive of Walpole, the trade body for the UK luxury sector, said it was “fully supportive” of the sanctions.

“All of our members have immediately complied with the sanctions imposed and are working to support local employees in any way they can,” she said of its 250 members which include Bentley, Burberry and Rolls-Royce.

The clampdown on Kremlin-linked wealth has thrown the spotlight on Britain’s art market amid fears Russian oligarchs could use legal loopholes to evade sanctions.

Sotheby’s said it had already stopped the import and export of artefacts to and from Russia and its office in Moscow was currently closed. The company, which does not conduct auctions in Russia, promised to “rigorously follow the sanctions and regulations”.

Christie’s, which has also shut its office in Moscow to the public, said it had taken the decision to cancel its Russian art sales which were due to take place this summer in London.

Cars are the UK’s number one export to Russia with annual sales of £386m – or nearly 15% of all exports to the country – according to the most recent data from the Department for International Trade. The other big markets are for medicine, machinery and power generators, the data showed.

Despite its prominence in the export data, Russia is relatively small market for UK car plants – it is thought the UK exports fewer than 10,000 cars a year to Russia out of annual production of 860,000 in 2021. However, there are Aston Martin, Bentley and Rolls-Royce showrooms in Moscow and St Petersburg, as well as dealers stocking cars from BMW-owned Mini.

Although overall sales volumes in Russia are low, the expensive cars being sold there have high profit margins, said David Bailey, professor of business economics at the University of Birmingham. The export ban was “another hit” for British carmakers who, he said, are already facing difficulties due to ongoing shortages of semiconductor computer chips.

Bailey said British brands such as Range Rover sold well in Russia in part because of the state of the roads. It was “partly about the premium and luxury nature of British cars but also their off-road capabilities”, he said.

“Jaguar Land Rover (JLR) pulled out basically because they thought it was the right thing to do,” said Bailey, who added that the collapse of the rouble would also make it difficult for companies to price expensive cars. “It’s not good news for the likes of Jaguar Land Rover, Bentley and Rolls-Royce.”

JLR and Aston Martin have already paused deliveries to Russia. A spokesperson for Bentley Motors said it too had stopped the export of cars destined for Russia “until further notice”.

The scale of spending on luxury goods in Russia is not of the same magnitude as in countries such as China and the US.

Earlier this month Burberry, one of Britain’s most famous exports, temporarily closed its three outlets in Russia which includes a shop in Red Square.

The UK government is yet to provide a detailed breakdown of the luxury goods covered by its export ban but analysts think it will be similar to the EU’s, which includes clothing, accessories, precious stones and works of art. It is not clear if scotch whisky will be on it too; while famously vodka drinkers, Russians are also partial to a malt, with 42m bottles, worth nearly £28m, exported there last year.

Previous Post

Stranger of Paradise is cool, but I yearn for a simpler Final Fantasy anniversary game

Next Post

The Inspector calls at Tuddenham Mill restaurant with rooms in Suffolk

Related Posts

Now You Can Learn Linux Online in Your Own Time
Enterprise

Now You Can Learn Linux Online in Your Own Time

Disclosure: Our goal is to...

Read more
Canonical releases Ubuntu 22.04.1 | ZDNet
Enterprise

Canonical releases Ubuntu 22.04.1 | ZDNet

Ubuntu 22.04 LTS running on...

Read more
Enterprise

Bank of England under fire over £23m bonus payouts | Bank of England

The Bank of England, which...

Read more
Las Vegas Flooding Pummels Through Casinos and Strip
Enterprise

Las Vegas Flooding Pummels Through Casinos and Strip

Travelers head to Las Vegas...

Read more
Agile alertness: 6 principles to help your software design process succeed
Enterprise

Agile alertness: 6 principles to help your software design process succeed

iStockLately, the term "continuous" has...

Read more
Load More
Next Post

The Inspector calls at Tuddenham Mill restaurant with rooms in Suffolk

  • Trending
  • Comments
  • Latest

Regina Turner divorce news – Ex-Miss Connecticut USA beauty queen followed by Donald Trump Jr on Instagram

Do Sex Dolls Feel Real? – Answering Important Questions 

Timothée Chalamet Has Been Cancelled For Having Sex In Cabo

Timothée Chalamet Has Been Cancelled For Having Sex In Cabo

Six times actors really romped in sex scenes that make 365 DNI look tame

Six times actors really romped in sex scenes that make 365 DNI look tame

Take-Two reveals new Lord of the Rings game, promising a ‘different’ time in Middle-earth

Take-Two reveals new Lord of the Rings game, promising a ‘different’ time in Middle-earth

2022 NFL regular-season rushing yards leader betting breakdown

2022 NFL regular-season rushing yards leader betting breakdown

Swimsuit-clad Rosie Huntington-Whiteley puts on a PDA with Jason Statham in Ibiza

Swimsuit-clad Rosie Huntington-Whiteley puts on a PDA with Jason Statham in Ibiza

How To Create The Best Video Content With Jimmy Burgess

How To Create The Best Video Content With Jimmy Burgess

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Take-Two reveals new Lord of the Rings game, promising a ‘different’ time in Middle-earth

Take-Two reveals new Lord of the Rings game, promising a ‘different’ time in Middle-earth

2022 NFL regular-season rushing yards leader betting breakdown

2022 NFL regular-season rushing yards leader betting breakdown

Take-Two reveals new Lord of the Rings game, promising a ‘different’ time in Middle-earth

Take-Two reveals new Lord of the Rings game, promising a ‘different’ time in Middle-earth

2022 NFL regular-season rushing yards leader betting breakdown

2022 NFL regular-season rushing yards leader betting breakdown

Swimsuit-clad Rosie Huntington-Whiteley puts on a PDA with Jason Statham in Ibiza

Swimsuit-clad Rosie Huntington-Whiteley puts on a PDA with Jason Statham in Ibiza

  • Real Estate
  • Education
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

No Result
View All Result
  • Real Estate
  • Education
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2021 All rights are reserved Todayheadline

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist