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Canada imposes additional ban on import of Russian diamonds

Canada imposes additional ban on import of Russian diamonds Illustrative photo (Photo: Getty Images)
Author: Daria Shekina

Canada, along with its G7 partners, imposes further restrictions on the import of Russian diamonds today, March 1, according to Canada's Minister of Foreign Affairs Melanie Joly.

According to her, this ban complements the restrictions imposed by Canada in December 2023 on the import of diamonds and diamond jewelry from Russia, aimed at the indirect import of Russian diamonds weighing 1 carat and above.

"It is consistent with the commitments made in February, May and December 2023 by G7 leaders to reduce the Putin regime’s revenues from the export of non-industrial diamonds from Russia," the statement said.

Canada will continue to work with its G7 and other international partners to implement comprehensive controls that will prevent Russian diamonds from entering G7 markets. This will give Canadian consumers additional confidence that the diamonds they purchase do not support Russia's illegal war.

These latest measures confirm Canada's determination to incur additional costs on the Putin regime for its unwarranted aggressive war against Ukraine.

Sanctions against the Russian diamond industry

Earlier this month, the EU Council introduced additional restrictive measures against the largest Russian diamond mining company, Alrosa, and its CEO, Pavel Marinychev. The company and its head were deemed complicit in the war in Ukraine.

Earlier, the European Union implemented the 12th package of sanctions against Russia. It included restrictive measures on the import or transit of Russian diamonds.

At the end of January, it became known that Angola wanted to expel Russia from their joint diamond mining business. Due to sanctions imposed on Russia, suppliers and banks are refusing to work with their company.