Russian diamonds gain partial access to US market
US will be able to import certain Russian diamonds (Illustrative photo: Getty Images)
The US Department of the Treasury has allowed the import of certain Russian-origin diamonds as an exception, according to a general license issued by the Office of Foreign Assets Control of the US Department of the Treasury.
Such a license, signed by the Director of the Office of Foreign Assets Control of the US Department of the Treasury, Bradley Smith, provides permission for the import of certain categories of Russian-origin diamonds:
If the diamonds were already outside Russia before specific dates, they may be imported into the US until September 1, 2026. This applies to diamonds:
- Weighing 1 carat or more that were outside Russia after March 1, 2024;
- Weighing 0.5 carat that were outside Russia after September 1, 2024.
At the same time, the ban on Russian-origin diamonds that remain in Russia or were exported later than the specified dates remains in force.
Ban on diamond imports
In February 2024, when Joe Biden was still President of the United States, Washington introduced a ban on the import of Russian-origin diamonds.
Such bans came into force after the G7 in 2023 committed to a phased ban on the import of all diamonds mined in Russia.
For reference, on July 2 it became known that US President Donald Trump lifted restrictions against Rosoboronexport and a number of Russian banks during the cancellation of sanctions against Syria.
