In Russia, the luxury sector, targeted by new sanctions, must be satisfied with “less high-end” products

Customers are sparse in the aisles of Tsum, one of Moscow’s department stores, this afternoon. And even fewer are those willing to answer our questions. Everyone looks at their shoes. In a few months, 80% of the articles will have disappeared from the shelves. Consequence of the fourth round of sanctions after the invasion of Ukraine: the European Union prohibits the export to Russia of any luxury item worth more than 300 euros.

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Ouliana, saleswoman at Tsum, is sorry for the absence of customers: “Of course there is less because everyone has less money. Right now everyone is stressed. The luxury sector is big in Russia. I think we will have less high-end products, but even without Gucci, without Prada, there will be something.”.

David just bought a Hugo Boss jacket before it disappeared from the shelves. This elegant young man, who works in luxury restaurants, has made the decision to leave Russia: “I’m leaving and so I bought a blazer because I need it where I’m going to work.”

“All of a sudden my income went from $10,000 a month to $5,000. So I think I’m going for two years and then I’ll see how it goes here. I’m going to Dubai.”

David, resident of Moscow

at franceinfo

On the social network Telegram, encrypted messaging, sales of luxury goods on the black market are beginning to appear.“Wealthy Russians have rubles to spend and they want handbags, jewelry, products whose value will not change. It feels like we are back in the 90s, when these products were almost impossible to find in Russia”, says a fashionista.

This last battery of sanctions concerns clothing, shoes, cosmetics, jewellery, wines and champagne, but also all household appliances over 750 euros. The export of products such as truffles or cigars is also prohibited. These measures are aimed at punishing the ruling classes rather than the population in general.