Canada strengthens sanctions against Russian diamonds
On 1 March, Mélanie Joly, Canadian Foreign Minister, has announced that sanctions against Russian diamonds would be strengthened with partners from the Group of Seven.
Source: European Pravda; government of Canada
Details: According to the Canadian government, Canada imposes additional restrictions on the import of Russian diamonds and jewellery from Russia, which relate to jewellery weighing 1 carat or more.
This move aligns with commitments made by G7 leaders in February, May and December 2023 to "reduce the Putin regime’s revenues from the export of non-industrial diamonds from Russia," the Canadian government added.
The Canadian government notes that Russia is the world's largest producer of rough diamonds, whose production in 2022 is estimated at more than US$4.7 billion.
Russia is also a significant global exporter of diamonds and products made from them, and the value of its total exports exceeded approximately US$5.2 billion in 2022.
Background:
- The states of the G7, following a remote gathering on 6 December, announced their intentions to introduce restrictions on Russian-made diamonds.
- By 1 September 2024, the G7 countries, which are the main importers of rough diamonds, will create a mechanism for verifying and certifying rough diamonds and will consult with the producing countries and partners on this issue, the leaders added.
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