Ban on the sale of pleasure boats in Russia
As part of its 4th package of sanctions against Russia since the beginning of the war in Ukraine, the European Union has expanded the panel of products affected by the export bans. Included in the list of luxury goods that European companies can no longer sell to the Russians, pleasure boats are now alongside high-end cars and airplanes. All motorboats, sailboats and other recreational watercraft worth more than 50,000 euros cannot leave the EU for the Russian market as of March 15, 2022.
The action was decided in a coordinated manner and should also be applied by the United States.
Additional consequences for the European nautical sector
Since the beginning of the conflict, it was the seizures of Russian billionaires' superyachts that made the headlines. The economic consequences of the conflict for the European nautical sector concerned above all the large yachts, in addition to the obviously dramatic effects for the local Ukrainian production, which has an important and unrecognized weight on certain niches with brands such as Brig or Grand.
With the new sanctions package, all European shipyards are affected. Even if Russia is not a key market for the world yachting industry, the yachting industry saw a substantial development of its activity there. Important projects of marinas in the Black Sea were notably on the table. The conflict is likely to put this dynamic into question for a long time to come.
