Following the US and EU, Japan also bans luxury goods exports to Russia

[Image source=Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Japan has decided to ban the export of luxury goods to Russia, following the United States and the European Union (EU).

On the 30th, Japan's Ministry of Economy, Trade and Industry announced, "From the 5th of next month, exports of 19 items, including automobiles worth more than 6 million yen (approximately 60 million KRW), to Russia will be prohibited."

The export ban targets include ▲ luxury cars priced over 6 million yen regardless of whether they are new or used, motorcycles over 600,000 yen ▲ grand pianos over 200,000 yen ▲ jewelry and perfumes exceeding 40,000 yen, among others.

This measure is analyzed to be aimed at pressuring Russian oligarchs cooperating with President Vladimir Putin.

Among the banned items, automobiles account for more than 40% of Japan's exports to Russia. The Nihon Keizai Shimbun reported, "Luxury brands such as Toyota's Lexus are expected to be included in the ban."

This content was produced with the assistance of AI translation services.