G7 to announce ban on Russian diamonds by end of October

The Group of Seven countries will limit imports of Russian diamonds until the end of October, after which the European Union will complete the proposal for the 12th package of sanctions against Russia.

Source: Reuters, quoting diplomatic sources; writes European Pravda

Details: One source said a G7 statement on Russian diamonds was expected "within a week."

"We now need the final blessing of the G7 before then translating these elements in legal texts at the European level," said another source, an EU diplomat.

Last week, the G7 held a technical meeting to discuss several proposals for a mechanism to track the origin of Russian diamonds put forward by India, industrial groups and Belgium.

Sanctions against Russian diamonds were discussed by the Group of Seven, along with Belgium, a member of the European Union with one of the world’s largest centres of trade in these jewels.

According to estimates, the export of diamonds brings the Kremlin €4 billion a year.

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