ua en ru

EU ban on Russian diamonds import comes into effect

EU ban on Russian diamonds import comes into effect Illustrative photo (Getty Images)

A complete ban on the direct import of Russian non-industrial natural and synthetic diamonds, as well as diamond jewelry, has come into effect in the European Union, writes Deutsche Welle.

According to the 12th package of EU sanctions against Russia, the European ban on Russian diamonds processed in third countries will be in effect from March 1 to September 1 of this year.

Experts estimate that Russia earns between 3.7 to 4.6 million euros annually from the diamond trade.

Additionally, the 12th package of European sanctions includes an enhancement of the price floor for the export of oil from Russia to third countries. European companies will be required to provide evidence that they adhere to the "price floor" on oil from Russia imposed by Western countries.

Furthermore, the EU has expanded the list of goods subject to sanctions for export to Russia. This includes lithium batteries, thermostats, and a range of chemical products.

EU sanctions against Russia

Earlier, the European Union implemented the 12th package of sanctions against Russia. As stated by the head of European diplomacy, Josep Borrell, the EU proposed "a powerful set of new lists and economic measures that will further weaken the Russian military machine."

The sanctions package includes restrictive measures on the import or transport of Russian diamonds, the introduction of import-export controls and restrictions, limitations on the prices of oil, iron, and steel, and the addition of a significant number of additional individuals and legal entities to the sanctions list.