Canada has banned indirect imports of Russian diamonds weighing one carat and above, Canada's Foreign Ministry announced on March 1.
The ban further builds on restrictions on the direct import of Russian diamonds and related products imposed by Canada in December 2023 in coordination with other Group of Seven (G7) countries.
"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 ministry wrote in a press release.
Canada has pledged to continue working with its G7 and other partners to implement control measures that prohibit Russian diamonds from G7 markets.
"Canada has been at the forefront of imposing economic barriers on the Putin Regime since he launched his brutal full-scale illegal invasion of Ukraine, which caused devastating losses to Ukrainians," said Canadian Foreign Minister Melanie Joly.
"Along with our allies and partners, we have imposed severe sanctions on the Russian regime, and we will continue to do so to hold Putin and his enablers to account."
Daniil Ukhorskiy
Russia is the world's largest diamond producer, and its revenue from diamond sales last year exceeded $3.9 billion.
The G7 countries, including Canada, France, Germany, Italy, Japan, the U.S., and the U.K., represent 70% of the world's diamond market.
The U.S. imposed a ban on non-industrial diamonds mined in Russia on Feb. 8, prohibiting their export regardless of whether they were processed in Russia or substantially transformed in a third country.
In alignment with the G7, European Union member states also agreed to ban the import of Russian diamonds with the EU's 12th sanction package against Russia in December 2023.
The EU announced on Jan. 3 that it was adding Alrosa, Russia's largest diamond producer, to its sanctions list.
Robin Brooks
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