It is no mystery that the entire Russian society is experiencing great difficulties due to Russia's invasion of Ukraine. Many countries, in silent protest against the ongoing violent attacks, are banning certain Russian goods from their territory. An example is that of the United States, which banned products originating in the country from their shelves.
It is perhaps worth remembering that Russian President Vladimir Putin has issued threats to any country that interferes in the invasion of Ukraine. Thus, the protests, in addition to being against the invasion, are also a response to this threat.
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This situation makes Russian citizens end up paying for the deeds of their rulers. Bearing this in mind, the Russian billionaire community is reviewing its business strategies to try to maintain itself despite the chaotic situation they are living in.
Thus, these billionaires have been betting their chips on the jewelry market. At first, the situation has worked and the sector, so far, has not suffered blockages from other countries. Jean-Christophe Babin, CEO of Bulgari, said in an interview with Bloomberg that this is a good investment in the short term, but he doesn't know how long it will last.
With big brands like Apple leaving the Russian mainland, there are still some big name stores operating in the country. However, this is a worrying situation, as it is not known how long they will remain in the country or if they will fare like the others.
Brazil is also keeping its eyes wide open for this situation because, whether it likes it or not, this situation has an economic impact in many places. A massive boycott of Russian products is underway in the United States, and it may be that other countries end up joining in as well.
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