In the coming weeks, member countries of the Group of Seven (G7) are expected to make a significant announcement regarding an indirect ban on Russian diamonds. This decision, set to take effect in January, was revealed by a representative of the Belgian government, as reported by Reuters.
The initiative to introduce measures against Russian diamonds was initially discussed at a G7 summit in Tokyo in May of this year. While the G7 nations agreed to collaborate in monitoring Russian diamond trade, they have not yet implemented a direct ban on this lucrative industry.
At the European Union (EU) level, any ban on diamonds would necessitate the unanimous support of all member states. Belgium has expressed potential openness to such a proposal, but it conditions its approval on the creation of an effective G7 mechanism.
On September 14, the United States Treasury announced the imposition of new sanctions targeting several Russian entities and individuals. These sanctions also extended to individuals and entities from other nations that have been aiding Russia in evading sanctions and acquiring goods and services to sustain the conflict in Ukraine. The U.S. Treasury provided an explanation for the inclusion of new members of the Russian elite on the sanctions list.
The forthcoming announcement by the G7 regarding the indirect ban on Russian diamonds underscores the ongoing international efforts to address the geopolitical implications of the diamond trade and its impact on global conflicts.
