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EU Commission confirms work on 12th Russia sanctions package underway

by Martin Fornusek October 27, 2023 6:48 PM 2 min read
European Commission President Ursula von der Leyen delivers an address to the European Parliament in Strasbourg, France, on Sept. 13, 2023. (Stefan Wermuth/Bloomberg via Getty Images)
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European Commission President Ursula von der Leyen has confirmed that the work on the 12th Russia sanctions package, which may include restrictions on Russian diamond exports, is underway, European Pravda reported on Oct. 27.

"We are in the process of preparing the 12th package of sanctions against Russia, we are consulting with member states," the head of the EU's executive arm said at a press conference in Brussels.

"We are considering how to reduce the remaining income that Russia receives from the export of diamonds to Europe and its partners."

Von der Leyen noted that the upcoming package is being developed in cooperation with the Group of Seven (G7) countries. According to media reports from earlier this week, the G7 is expected to introduce a ban on Russian diamonds by the end of October.

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…

The upcoming measures should also include a further crackdown on Russia's ability to circumvent sanctions, mainly on its ability to obtain dual-use goods from third-party countries, Bloomberg reported, citing its sources.

The EU seeks to strengthen the effectiveness of the sanctions already imposed against Russia over its invasion of Ukraine, von der Leyen noted. The bloc imposed its previous 11th sanctions package in June, aimed at countering sanctions circumvention, mainly in dual-use products and in Russian oil trade.

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