【Hiroshima, J】G7 Aims to Limit Russian Diamond Exports

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Editor’s Note

G7 leaders are set to discuss new sanctions targeting Russia’s diamond trade at their Hiroshima summit, aiming to further cut off revenue streams funding the war in Ukraine.

G7 Seeks to Cut Russian War Funds

G7 leaders will discuss sanctions against Russian diamond trade at the summit beginning Friday in Hiroshima, Japan, aiming to further deprive Russia of funds for its invasion of Ukraine, European Union (EU) officials told news agencies on Thursday (May 18, 2023).

Russia exported diamonds worth nearly $5 billion in 2021, according to the Observatory of Economic Complexity, a trade data visualization site linked to the Massachusetts Institute of Technology.

Key Importers and India’s Role

The United Arab Emirates, India, and Belgium, the latter an EU member, are among the top importers. The official said Indian acceptance would be vital to ensuring any sanctions regime has an impact.

“We would like to engage in a dialogue with them, because the diamond industry is very important in India, not necessarily in terms of figures, but in politics and symbolism,” the official added.

India also maintains close military ties with Russia and has never condemned its invasion of Ukraine.

Indian Prime Minister Narendra Modi was invited to the Hiroshima summit along with the leaders of Brazil, Indonesia, and other regional powers, whom the G7 countries hope to persuade to join their cause against Russia and China.

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⏰ Published on: May 18, 2023