Editor’s Note
The European Union has approved a new sanctions package targeting Russia, including a significant ban on Russian diamonds. This article details the scope and timeline of the import restrictions.
The EU states have approved a new package of sanctions against Russia due to its war of aggression against Ukraine. This includes an import ban on Russian diamonds, as announced by the Council of Member States on Monday in Brussels. The ban is set to take effect from January 1st for diamonds and diamond jewelry imported directly from Russia, and later also for Russian diamonds processed in third countries.
The package also envisages tightening the recently ineffective price cap on Russian oil exports to third countries. Furthermore, trade restrictions are planned for additional goods, as well as punitive measures against individuals and organizations supporting the Russian war of aggression. These include, for example, lithium batteries, thermostats, and certain chemicals.
Unlike the UK, the EU had not previously imposed an import ban on diamonds from Russia. The primary reason for this was long-standing resistance from Belgium: the Flemish port city of Antwerp has been one of the world’s most significant diamond centers since the 16th century. Russia, in turn, is considered the world’s largest producer of rough diamonds. In 2021, the state-owned diamond mining company Alrosa reported revenues of 332 billion rubles (approximately 3.4 billion euros).
In addition to the economic punitive measures, sanctions are planned against more than 100 additional individuals and organizations supporting Russia’s war of aggression against Ukraine, according to EU statements. These entities would then no longer be able to access assets held within the EU. The affected individuals would also be barred from entering the EU. They are said to come from sectors such as the Russian military, defense, and IT.
The most recent sanctions package prior to this came into force in June. It included, for example, an instrument against the circumvention of already imposed sanctions. For some time, there has been a far-reaching import ban on crude oil, coal, steel, gold, and luxury goods, as well as punitive measures against banks and financial institutions.