The G7 group of nations pledged to sanction Russian diamond exports starting next year. File Photo by Alrosa Press Service/UPI
The G7 group of nations pledged to impose restrictions on direct Russian diamond imports at the start of next year in an effort to cut funding to Moscow’s war effort.
In a joint statement Wednesday, the G7 leaders said beginning Jan. 1, 2024, they would introduce import restrictions “on non-industrial diamonds, mined, processed, or produced in Russia.” Advertisement
The nations added they would aim to phase in additional restrictions on imports of Russian diamonds processed in third countries by March 1 and to establish “a robust traceability-based verification and certification mechanism” for rough diamonds within the G7 by Sept. 1.
The countries said such a mechanism was needed to mitigate difficulties involved in tracing the origin of Russian diamonds.
The European Commission is mulling a similar measure on Russian diamonds as part of a 12th sanctions package proposed last month.
Most Russian diamond exports are controlled by the state-backed company Alrosa, which was sanctioned by the U.S. Treasury Department in 2022.
According to the Treasury Department, the company is responsible for 28% of the world’s diamond mining.
Russian exports of diamonds total about $4 billion per year, accounting for a third of the world’s total. Advertisement
Despite the revenue they produce, diamonds have largely escaped sanctions as G7 leaders also pledged to step up efforts to curtail imports of Russian oil.
“We are limiting Russia’s ability to fund its illegal war by taking steps to limit Russia’s energy revenue and its future extractive capabilities. We have dramatically reduced our reliance on Russian energy and commodities,” the G7 leaders said. “We are determined to accelerate work on this path so that Russia is no longer able to weaponize energy against us.”
