President Biden, along with the G7 leaders of Canada, France, Germany, Italy, Japan and the United Kingdom, as well as the European Union, impose new economic measures on the Following Russia’s unprovoked attack on Ukraine.

According to the announcements, the actions include a ban on the export of luxury goods, including “high-end watches, luxury vehicles, high-end clothing, high-end alcohol, jewelry and other goods frequently purchased by Russian elites”.

The White House statement said: “The elites who support Putin’s war machine should no longer be able to reap the gains of this system and squander the resources of the Russian people.”

The sanctions will also prevent the import of goods from several key sectors of the Russian economy, new sanctions against Russian elites and their family members such as Yuri Kovalchuk, and to ensure that Russia cannot obtain financing from leading financial institutions.

Together with G7 leaders, the United States will ensure that Russian imports do not receive “most favored nation treatment“and will seek to deprive the country of the benefits of WTO membership.

European Commission President Ursula von der Leyen also announced the fourth package of restrictive measuresstating: “Those who support Putin’s war machine should no longer be able to enjoy their lavish lifestyles as bombs fall on innocent people in Ukraine.”

She added that they were taking further steps to “strain the resources [Russia] is used to finance this barbaric war.”

Luxury ships owned by Russian oligarchs have come under scrutiny as sanctions against them have intensified. Insider’s Taiyler Simone Mitchell compiled a photo list of some of the more notable examples.