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

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

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…

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
1:56 AM  (Updated: )

Trump shot at during Pennsylvania rally.

At a rally in Pennsylvania, gunshots were reportedly fired at former U.S. President Donald Trump, prompting security staff to rush him off stage.
10:47 PM

Kremlin spokesman threatens Europe over decision to host US missiles.

"Our country is in the crosshairs of American missiles located in Europe. We've been through all this before," he said in an interview with Russian TV propagandist Pavel Zarubin. "We have enough potential to deter these missiles. But the capitals of these states are potential victims."
9:18 PM

Chief emergency worker among two killed in Kharkiv Oblast.

Half an hour after emergency workers arrived at the scene, Russian troops launched a second attack on the same location, Artem Kostyria, head of the State Emergency Situations Service's branch in Kharkiv Oblast, and police sergeant Oleksiy Koshchii.
5:24 PM

Russian kamikaze drone flies deep inside Belarus, whereabouts unknown.

The Belarusian Hajun monitoring group reported it had flown 250 kilometers "over Gomel and Zhlobyn, entered the Mogilev region, and then the Minsk region." It also said a Belarusian Mi-24 helicopter and Su-30 fighter jet were scrambled to intercept the drone before it "presumably flew to Vitebsk."
3:37 PM

US developing new 'extended-range' missile for Ukraine's Air Force.

The new weapon to be developed is an Extended-Range Attack Munition (ERAM), that aims to be a low-cost, quick to produce air-launched missile with a range of around 460 kilometers. The manufacture of the weapon is intended to begin no later than two years after the awarding of the contract and up to 1,000 are to be produced each year.
3:19 PM

Children's theater goes underground in Kharkiv

In the heart of Kharkiv, Kharkiv Theater for Children and Youth performs in bomb shelters under constant threats of Russian attacks. The Kyiv Independent visited one of the theater's performances in late June to meet the dedicated actors and their no less dedicated audience.
10:46 AM

Poland considers downing Russian missiles over Ukraine, FM says.

Polish Foreign Minister Radoslaw Sikorski said the problem for Warsaw is that once downed, the debris could pose a threat to Poles and the country's property. "At this stage, this is an idea. What our agreement said is we will explore this idea," he added.
MORE NEWS

Editors' Picks

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

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

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