G7 countries failed to adopt ban on Russian diamond imports but will track them
The G7 countries have agreed to cooperate to track Russian diamonds but have not implemented a direct ban on the import of Russian gems.
Source: Bloomberg
Details: In a G7 statement made at the summit in Hiroshima, the leaders of the G7 states promised to work together in order to "restrict trade in and use of the diamonds mined, processed or produced in Russia", and to coordinate future "restricting measures, including through tracing technologies".
Those familiar with the discussions held at the summit believe that making a step towards tracking the movement of the Russian diamonds through the borders can pave the way for a ban on their import in the future.
Previous attempts to impose sanctions on Russian gems in Europe were confronted by such importer countries as Belgium, which argued that such measures would only transfer trade to other locations.
Background: Rishi Sunak, the Prime Minister of the UK, included a ban on the import of Russian diamonds, copper, aluminium and nickel in a new sanctions package against Russia.
Last year, Russia supplied the Western market with US$1.5 billion worth of diamonds. Belgium buyers make up 95% of this sum, as the world’s largest diamond hub is located in Belgium.
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