Brands that sell into Russia advised to 'closely follow developments' as matters progress
In the run-up to war, sanctions on Russia were imposed by the West, Australia and Japan
Amid the news that Russia has invaded Ukraine, the European Commission has today threatened 'massive and targeted' sanctions against Russia, with the cosmetics industry advised to 'closely follow developments' by industry bodies.
These new European Union sanctions, according to the European Commission’s president Ursula von der Leyen, will be aimed at strategic sectors of the Russian economy and will block access to technologies and key markets.
There will also be a blocking of access of Russian banks to the European financial market and a freeze of Russian assets in the EU.
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