G7 countries discussing ban on Russian diamonds import — web portal

Business & Economy May 09, 2023, 2:01

A spokesman for the US Treasury said the current US ban on Russian diamonds does not apply to "substantially converted" diamonds in third countries, Axios reports

WASHINGTON, May 9. /TASS/. Member-countries of the Group of Seven (G7) are discussing an opportunity of banning imports of Russian diamonds alongside with other measures, the Axios web portal said, citing US officials.

G7 countries vowed in February to "work collectively on further measures on Russian diamonds, including rough and polished ones," the news outlet said. The effective US ban on Russian diamonds does not apply to the ones "substantially transformed" in third countries, including through cutting and polishing, a spokesman of the US Treasury Department said.

The task of the G7 is to achieve such state of affairs whereby Russian diamonds could be sold in countries but not in G7 member-states, a spokesman of the US Department of State told the news outlet. Tracing of diamonds, the ban on import and other approaches are being considered, he added.

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