Leaders in the US and Europe are banning export of luxury goods to Russia, and stripping it of favored trade status as it continues its assault on Ukraine. President Biden and G7 Leaders from Canada, France, Germany, Italy, Japan, and the United Kingdom as well as the European Union have criticized the assault on Ukraine, further isolating Russia from the global financial system.

Biden has signed an executive order to end the export of luxury items to any person located in the Russian Federation. Ursula von der Leyen, President, European Union, The EU also plans to take action to “make sure that the elites, proxies and oligarchs that support President Putin’s war are deprived of their access to luxury goods and assets.

Designers from Giorgio Armani to Demna Gvasalia are protesting against the war. Last week, several international brands and luxury fashion groups, from LVMH and Kering to Prada, Hermès and Moncler, announced they were temporarily pausing their commercial activities and shuttering their stores in Russia as a sign of protest against the country’s invasion of Ukraine.