• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Friday, June 2, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Italy quietly removes its luxury items from NATO sanction list, others to follow suit

Abhishek Srivastava by Abhishek Srivastava
February 28, 2022
in Europe, Geopolitics
Reading Time: 2 mins read
0
russia,sanctions,italy,NATO
1.7k
VIEWS
Share on FacebookShare on Twitter

Soon after Russia invaded Ukraine, the western countries rallied around imposing sanctions on Russia. The US, UK, Japan, Australia, and EU were among the first countries to impose severe sanctions on Russia and its political leadership. Outraged by the actions of Russia, NATO too, decided to impose its share of sanctions on Moscow. But, it appears that some countries like Italy were not elated with NATO’s response.

Italy has a stable economy and produces many high-value luxury products. The Rome centric country is known for its high-value luxury and lifestyle products which are most sought after across the world

Also Read

Spain is all set for an Italian Redux 2.0

The ‘Second Step’ of Russia’s Balkan Checkmate is in motion!

Also Read: As American and other NATO forces ran for their lives, Italy’s Carabinieri stayed and defended

Italy’s luxury products get an exemption from the NATO sanction list

The Italian luxury goods companies were the first ones to show their disapproval towards the NATO list of sanctioned products. Italian diplomats reportedly called for the luxury goods sector to be left untouched, allowing Italian exports of clothing, jewellery, and other products to continue being sold in Russia.

Belgium was also reportedly unhappy that sanctions were to be placed on the diamond trade, with officials saying that these would do more harm to the diamond trade than Russia itself.

Both Italian luxury goods and diamonds were ultimately spared from the West’s sanctions on ultra-wealthy oligarchs as of Friday, but questions remain as to how sanctions will handle the deep-seated ties Russia’s wealthiest people have with Europe.

The U.S. and Western European economic punishments revolve around curtailing Russian banks’ ability to do business abroad and in other currencies, blocking the country’s access to foreign-made technology, and limiting international trade. But Italy back out exposes an uncomfortable truth: The riches of Putin’s Russia are sunk deep into the heart of the Western world.

Italy has deep economic ties to Moscow with several big spenders in Russia admiring the made-in-Italy brand and remains an important part of the Italian luxury products customer base.

Read More: The irrelevance of NATO is now out in the open

Global leaders have criticized Italy, Germany, and Hungary for failing to agree on isolating Russia from using the SWIFT payment system, a network that enables international financial transactions. Many diplomats were also unhappy with Italy’s push to have luxury goods exempted from the EU’s sanctions.

It seems that, for Italy, selling Gucci loafers to Russian rich people is more of a priority than hitting back at Putin. Well, here Italy is not alone. Germany, Hungary and Belgium also lack certainty as they prefer doing business in Russia over punishing it with sanctions. Moreover, this is not the end, more and more European countries (under the pressure of their domestic industries and companies) will follow suit and demand exclusion of something or the other from the NATO sanctions list.

Tags: italian brandsItalyMario DraghiNATOPutin Russiasanctions
ShareTweetSend
Previous Post

Biden’s sanctions on Russia are so powerful that Russia will grow richer twice as fast

Next Post

Here is why UAE abstained from voting against Russia in the UN

Also Read

Putin’s Odessa Ambitions are About to Come True

Putin’s Odessa Ambitions are About to Come True

June 1, 2023
Oh Well, Germany is Planning a War with Russia (Psst… to Win Elections at Home)

Oh Well, Germany is Planning a War with Russia (Psst… to Win Elections at Home)

June 1, 2023
Zelensky has probably assassinated his army chief

Zelensky has probably assassinated his army chief

June 1, 2023
Spain is all set for an Italian Redux 2.0

Spain is all set for an Italian Redux 2.0

June 1, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
11th July: The date set by Victoria Nuland for WWIII

11th July: The date set by Victoria Nuland for WWIII

May 31, 2023
Alberta wildfires are not an act of God but an act of the federal government

Alberta wildfires are not an act of God but an act of the federal government

May 29, 2023
UAE’s Record Gold Purchase from Russia could have De-dollarization written all over it

UAE’s Record Gold Purchase from Russia could have De-dollarization written all over it

May 29, 2023
Jagmeet singh caught red-handed stealing $6.5 billion from provincial coffers

Jagmeet singh caught red-handed stealing $6.5 billion from provincial coffers

September 3, 2022
With one shocking scandal, Ursula just lost Bulgaria entirely

With one shocking scandal, Ursula just lost Bulgaria entirely

May 29, 2023
Putin’s Odessa Ambitions are About to Come True

Putin’s Odessa Ambitions are About to Come True

June 1, 2023
Oh Well, Germany is Planning a War with Russia (Psst… to Win Elections at Home)

Oh Well, Germany is Planning a War with Russia (Psst… to Win Elections at Home)

June 1, 2023
Zelensky has probably assassinated his army chief

Zelensky has probably assassinated his army chief

June 1, 2023
Spain is all set for an Italian Redux 2.0

Spain is all set for an Italian Redux 2.0

June 1, 2023
11th July: The date set by Victoria Nuland for WWIII

11th July: The date set by Victoria Nuland for WWIII

May 31, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

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

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.