Editor’s Note
This article outlines a specific U.S. Treasury Department authorization, via an OFAC General License, permitting the import of certain Russian-origin diamonds under strict conditions, including export deadlines and a validity period ending September 1, 2026.
The U.S. Department of the Treasury has exceptionally authorized the import of selected Russian-origin diamonds. This was reported by Renewz.de, citing a General License issued by the Office of Foreign Assets Control (OFAC).
The license specifies that Russian diamonds may be imported into the U.S. if they were exported from Russia before certain deadlines. The authorization is valid until September 1, 2026. Permitted imports include:
– Diamonds of at least 1 carat that have been outside Russia since March 1, 2024.
– Diamonds of at least 0.5 carat that have been outside Russia since September 1, 2024.
Importers must present certificates documenting the supply chain and the diamonds’ location history. Without such proof, imports remain prohibited.
The partial relaxation does not apply to:
– Diamonds still located in Russia.
– Diamonds exported from Russia after the specified cut-off dates.
These categories remain fully banned under U.S. sanctions. Violations can result in heavy fines and criminal penalties.
The restrictions on Russian diamonds stem from a G7 decision. In 2023, the G7 introduced a phased model gradually banning the import of Russian gemstones. Russia, through state-owned miner Alrosa, controls roughly one-third of global diamond production.
In February 2024, the U.S. government under President Joe Biden imposed a sweeping ban on Russian diamond imports to cut the Kremlin’s revenue streams, as the diamond trade generates billions annually.
The current partial relaxation is viewed differently by experts. Supporters argue that the U.S. market, particularly the jewellery industries in New York and Los Angeles, depends on stable supply chains and that strict sanctions caused shortages and price surges. Critics warn that Russia may still benefit indirectly if origin controls are bypassed.
The decision also comes amid geopolitical shifts. On July 2, 2025, President Donald Trump lifted sanctions on Rosoboronexport and several Russian banks as part of a broader Syria policy adjustment, signalling a more flexible U.S. stance towards Moscow.