All news

G7 to announce Russian diamonds ban shortly — Reuters

The ban would come into effect in January, the agency said

MOSCOW, September 15. /TASS/. The Group of Seven countries are expected to announce an indirect ban on Russian diamonds in the next 2-3 weeks, Reuters reported citing a Belgian government official.

The ban would come into effect in January, the agency added.

Belgium has proposed a plan on tracing the rough diamonds and referencing them to the polished gem, Reuters said.

"The traceability burden is on traders and manufacturers so India does that already. They will have to be able to provide verification in order to sell into the G7," a source in the Belgian government was quoted as saying.

The US imposed a ban on the import of rough diamonds from Russia, as well as diamonds cut in Russia, last year. European Council President Charles Michel said in early September that the European Union was also addressing sanctions against Russia’s diamond industry.

In turn, the New York Times newspaper wrote that G7 countries and EU members intended to completely ban import of diamonds from the Russian Federation starting January 2024.