US announces additional sanctions against Russian diamonds

The Office of Foreign Assets Control (OFAC) of the US Treasury Department has announced sanctions against additional categories of Russian diamonds in line with the decision of the Group of Seven countries on 8 February.

Source: European Pravda; US Treasury Department

Details: One OFAC decision bans the import of non-industrial diamonds mined in Russia, regardless of whether they have been processed in a third country. The decision will take effect on 1 March for certain categories of diamonds and will be extended to additional categories on 1 September.

In its second decision, the US Treasury Department bans the import of diamond jewellery and rough diamonds originating in or imported from Russia from 1 March 2024.

"These prohibitions are intended to implement the December 2023 G7 commitments to impose phased restrictions on the importation of diamonds mined or extracted in Russia," the department added and promised to publish additional guidance on these decisions.

The first restrictions on Russian diamonds were introduced in December 2023 by US President Joe Biden in a decree.

Following a virtual summit on 6 December, the Group of Seven countries announced their intention to impose restrictions on Russian-made diamonds.

By 1 September 2024, the Group of Seven countries, which are the main importers of rough diamonds, will create a mechanism for verification and certification of rough diamonds and will consult with producing countries and partners on this issue, the leaders added.

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