Skip to content
Edit post

G7 to ban direct import of Russian diamonds from January

by Martin Fornusek December 7, 2023 8:23 AM 2 min read
Rough diamonds sit on a sorting table during the grading process at the Yakutsk Diamond Trading Enterprise (YaPTA), operated by Alrosa PJSC, in Yakutsk, Russia, on Feb. 17, 2016. (Andrey Rudakov/Bloomberg via Getty Images)
This audio is created with AI assistance

Leaders of the Group of Seven (G7) countries agreed on Dec. 6 to impose a direct import ban on Russian diamonds starting January in a bid to stifle Moscow's revenue during its invasion of Ukraine.

Russia is the world's largest diamond producer and earned around $4 billion from the diamond trade last year, helping the country fuel its war against Kyiv.

The announcement comes after months of discussion on cutting Moscow off from this lucrative source of income. Earlier the same day, Canada announced that it is banning the direct import of Russian diamonds "in coordination with its G7 partners."

"Our commitment remains to restrict exports of all items critical to Russia's military and industrial base, including those used on the battlefield, and we call on third parties to take equivalent action," the G7's joint statement read.

"We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024."

To strengthen the measures, those G7 members who are major importers of rough diamonds pledge to develop a verification mechanism to monitor the internal trade by next September.

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 ban on Russian diamond sales is reportedly also meant to be included in the EU's upcoming 12th sanctions package.

This measure is meant to target the full spectrum of the Russian diamond trade. If approved, it will take effect on Jan. 1.

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…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
2:36 PM

Ukraine, Denmark finalize long-term security agreement.

The U.K., Germany, and France have earlier signed similar deals to help Ukraine repel Russia's aggression based on a pledge made by the Group of Seven (G7) last July. Denmark is the first non-G7 country to finalize the deal.
1:59 PM

Biden announces new package of sanctions against Russia.

“Today, I am announcing more than 500 new sanctions against Russia for its ongoing war of conquest on Ukraine and for the death of Aleksei Navalny, who was a courageous anti-corruption activist and Putin’s fiercest opposition leader,” U.S. President Joe Biden said in a statement published by the White House.
1:40 PM

US Senate Majority Leader arrives in Lviv for talks with Zelensky.

"I am leading this delegation to meet with President (Volodymyr Zelensky) to show the Ukrainian people that America stands with them, to show our NATO and European allies we stand with them, to learn about the arms Ukraine vitally needs, and to protect our democracy and national security," Chuck Schumer wrote on the social media platform X.
12:58 PM

Zelensky, Danish PM meet in Lviv.

President Volodymyr Zelensky and Danish Prime Minister Mette Frederiksen arrived in Lviv for an official visit, Zelensky said on Feb. 23, according to his Telegram channel.
12:33 PM

Ex-US special representative for Ukraine: Putin would escalate if he could.

The White House's strategy to avoid escalation by setting limits on military supplies for Ukraine does not work, as Russian President Vladimir Putin would "escalate today if he could," Kurt Volker, a former U.S. special representative for Ukraine, told the Kyiv Independent during a press conference on Feb. 23.
11:49 AM

EU adopts 13th package of Russia sanctions.

The package targets an additional 106 individuals and 88 entities involved in Russia’s aggression against Ukraine. The list includes includes companies from India, Sri Lanka, China, Serbia, Kazakhstan, Thailand, and Turkey.
10:09 AM

Hungarian FM visits Iran, signs trade agreement.

Hungarian Foreign Minister Peter Szijjarto visited Tehran on Feb. 22, meeting his Iranian counterpart, Hossein Amir-Abdollahian, and signing a trade deal in the agriculture and food industry sectors.

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
* indicates required
* indicates required
* indicates required
* indicates required
* indicates required


* indicates required
* indicates required


* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.