The European Union approved on March 14 a ban on exports to Russia as part of its fourth round of sanctions in response to Russia’s invasion of Ukraine. The new sanctions come as the United States and the other industrial nations comprising the Group of Seven—Canada, France, Germany, Italy, Japan, and the United Kingdom—along with the European Union, have said they intend to strip Russia of its “most favored nation” status and will work to deny the country the benefits of international trade. European Commission President Ursula von der Leyen announced on March 11 the fourth package of restrictive measures against Russia, which also include a total ban on exports of luxury goods to Russia. The EU luxury goods sanctions are expected to hit France and Italy the hardest, as the sanctions are focused on designer brands favored by Russian elites. “Those who sustain Putin’s war machine should no longer be able to enjoy their lavish …