Editor’s Note
This article reports on the G7’s anticipated ban on Russian diamond imports, part of ongoing sanctions against Russia. The information is sourced from Reuters.
Reuters reported on September 15 that the Group of Seven (G7) nations are expected to announce a ban on imports of Russian diamonds within weeks. The aim is to impose further economic sanctions to cut off funding sources for Russia’s invasion of Ukraine, with implementation planned for January 2024.
Russia is one of the world’s leading diamond producers, exporting 1.4 billion euros (approximately 221 billion yen) to EU countries in 2022. In response to Russia’s prolonged invasion of Ukraine, the G7 has been advancing discussions on economic sanctions regulating diamond imports from Russia, which were also negotiated at the summit held in Hiroshima this May.
According to Reuters, the proposal for the ban on Russian diamond imports is being promoted by the Belgian government, which hosts Antwerp, the world’s largest diamond trading hub. Currently, when Russian diamonds are processed (cut, polished) outside Russia, the processing country is considered the country of origin. However, it is planned that EU countries will issue certificates for both rough and polished diamonds and conduct checks at customs, aiming to establish a system to restrict imports of Russian diamonds.
