EU ban on import of Russian diamonds comes into force on 1 January

A ban on trade in diamonds originating from the Russian Federation came into force on Monday, 1 January; the relevant decision on Russian diamonds was made as part of the 12th package of sanctions against Russia.

Source: European Pravda

Details: The adopted measures include a ban on the direct or indirect import, purchase or transfer of diamonds from Russia. The ban, previously agreed at the level of the Group of Seven, took effect on 1 January 2024.

Restrictions on Russian diamonds processed in third countries will be implemented from 1 March to 1 September 2024.

It is estimated that the export of rough and polished diamonds brings the Kremlin €4 billion a year.

Background:

• The Council of the European Union completed the process of adopting the 12th package of sanctions against Russia on Monday, 18 December.
• In addition, following a remote gathering on Wednesday, 6 December, the Group of Seven countries are set to impose restrictions on Russian-made diamonds by 1 January 2024.
• The G7 countries, which are the leading importers of rough diamonds, will have created a mechanism for verifying and certifying rough diamonds by 1 September 2024 and will consult with producing countries and partners on this issue, the leaders added.

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