MOSCOW, December 19. /TASS/. The European Union’s sanctions on Russian diamonds will not be of benefit to it, with Moscow's share on the diamonds market being substantial and demand in place, Finance Minister Anton Siluanov said, adding that Russia intends to redirect target markets to other regions.

"This is not the first time that sanctions are imposed. We see the consequences of those sanctions. We will simply redirect target markets to other regions. I am confident that this will not be of benefit to those who imposed those sanctions," he told reporters when commenting on the influence of sanctions on the country’s diamonds market and Alrosa.

"The market of rough and polished diamonds are roughly clear, it is quite stable, sometimes it grows, sometimes it contracts. This is why the share of the Russian Federation on this market is substantial, we share this volume with De Beers roughly fifty-fifty. Demand is in place, we will be searching for other markets," the minister added.

Kremlin Spokesman Dmitry Peskov said earlier on Tuesday that Moscow would circumvent the European Union's sanctions on its diamonds. "Absolutely," he said when asked whether Moscow has options to circumvent sanctions on diamonds and they will be implemented.

On December 18, 2023, the European Union approved the 12th package of sanctions against Russia over the military operation in Ukraine. The new restrictions were introduced against 61 people and 86 companies and organizations. In particular, supplies of gem diamonds from Russia to the EU were banned.