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A diamond is held up for examination at a store run by Brilliant Earth, which uses conflict-free diamonds from Canadian mines, in San Francisco, California, on June 5, 2009. (Chip Chipman/Bloomberg via Getty Images)
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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."

That diamond ring? It may have helped pay for Russia’s war
Editor’s note: This story uses sources who are speaking on condition of anonymity since revealing their identities would heavily damage their careers and expose them to legal and personal risks in the diamond industry. Their identities are known to the Kyiv Independent. Top findings: * Despite th…

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.

Opinion: Putin’s silk road around sanctions
WASHINGTON, D.C. – For about 1,500 years, high-value goods were moved from China (and perhaps other parts of Asia) to Europe and the Middle East via the Silk Road. The precise route varied over time, but it always ran through and involved local traders in parts of what we
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8:28 PM

FT: Russia may be gearing up for large-scale offensive against Ukraine.

Russian forces may be preparing for a large-scale offensive in late spring or summer, aiming to capture more land in Ukraine's partially-occupied Donetsk, Kherson, Luhansk and Zaporizhzhia oblasts, the Financial Times reported on April 13, citing unnamed Ukrainian and Western officials.
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