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G7 states to completely ban diamond imports from Russia from January 2024 — newspaper

The new sanctions suggest that gems mined in Russia but cut in other countries will also fall under the ban

NEW YORK, August 28. /TASS/. The countries of G7, as well as the countries of the European Union, intend to completely ban import of diamonds from the Russian Federation, the New York Times reported on Monday.

Last year, the US imposed a ban on the import of rough diamonds from Russia, as well as diamonds cut in Russia. However, the newspaper notes, such a partial ban left room for circumvention of restrictions. The European Union did not impose sanctions on diamonds due to the resistance of Belgium, in whose economy the trade in precious stones plays an important role. The new sanctions suggest that gems mined in Russia but cut in other countries will also fall under the ban.

Now the resistance of countries opposing restrictions on the import of Russian diamonds has been overcome. As expected, new sanctions will be announced in September, and they will come into force in January 2024, that is, only after the end of the New Year holidays.

The New York Times notes that the G7 countries are the world's largest buyers of diamonds, accounting for about 70% of consumption.

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