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On March 11, 2022, the president of the United States, Joe Biden, prohibited the import of Russian flagship products such as diamonds, fish and shellfish to punish Moscow for the invasion of Ukraine. Since then, businesses have started looking for alternatives.
Since the United States imposed restrictions on the import of Russian products, well-known and luxurious brands have closed their doors to these consumer goods.
After more than a month of prohibition of entry of these products to the American Union, France 24 wanted to know how it is affecting business in that country. Marisa Perry, owner of a jewelry store that bears the same name as hers, assured that the lack of supply will inevitably lead to a price increase.
“Now with the ban on the entry of Russian diamonds, prices can increase even more, just because of the demand for supply,” warned the businesswoman from her jewelry store in New York.
The same is true in the seafood and fish sector. Lovers of delicacies such as crab legs will soon start to see prices rise as more stock runs out. “And it’s a good thing it’s not Christmas time, which is the time when most customers buy crab legs to celebrate the holidays,” says Glenn Litch, owner of the Pescatore fishmonger.
Among the concerns of the experts is the apparent strategy of Russia to introduce its products into the United States through a third country that masks its true origin.
This is the operation in the case of diamonds: Russia sells its minerals to India, for example, where 95% of the world’s diamonds are polished and cut. Once India has modified them, it would sell them to the United States, making it impossible to discover in which country they were actually mined.
Something similar would happen with fish and shellfish from Russia, but in this case they would be being introduced into the country through China. According to the International Trade Commission, 50% of the red crab imported from the Asian nation had been caught in Russia.
The United States imported foreign products worth more than 283,000 million dollars in 2021, of which 3,075 million dollars came from Russia, which is about 11%. A large sum of money that President Joe Biden is willing to give up to condemn the invasion of Ukraine.
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