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G7 to impose ban on direct imports of Russian diamonds

G7 to impose ban on direct imports of Russian diamonds G7 to impose a ban on direct supplies of Russian diamonds (Photo:
Author: Daria Shekina

U.S. President Joe Biden and the leaders of the G7 countries have agreed on a new ban on Russian diamonds, reports Reuters.

Western nations have reached a final agreement on imposing sanctions on diamonds from Russia. The import ban will take effect from January 1, 2024, gradually transitioning to an embargo on diamond circulation within a year.

Under the new measures, non-industrial diamonds from Russia will be banned by January, while Russian diamonds sold by third countries will face restrictions starting in March.

According to reports, G7 leaders also plan to tighten control over Russia's use of the international financial system and introduce more sanctions to ensure limitations on the price of Russian oil.

Sanctions against Russia

The EU has already approved 11 packages of sanctions against Russia, which include, for instance, products used in manufacturing equipment. Sanctions target individuals and entities responsible for the invasion of Ukraine and perpetuating the war.

Currently, the EU is considering its 12th package of anti-Russian sanctions, involving new lists of personal restrictions and export sanctions, particularly concerning diamonds.

Recently, Latvian President Edgars Rinkēvičs stated that grain and other food products from the occupied territories of Ukraine should be taken into account in sanctions against Russia.