Editor’s Note
As the EU expands sanctions against Russia, this article examines the notable exceptions, such as diamonds, that remain outside the full import ban.
The European Union (EU) has been expanding its sanctions net against Russia’s specialty products as its invasion of Ukraine continues. On the 15th of this month, it announced an additional sanctions package worth over 110 billion euros (approximately 1.5 trillion yen).
However, even after imposing the 10th round of sanctions, there are still several industries where a full import ban has not been implemented.
One of these is diamonds. Russia boasts the world’s largest production volume.
In late January, I visited the historic city of Antwerp in northern Belgium in search of the answer.
Upon exiting the central station, one is greeted by a grand avenue lined with dazzling jewelry stores. Turning into an alleyway, glancing at the diamonds radiating a spectrum of colors, the atmosphere changes completely. The roughly 300-meter-long Hoveniersstraat and its surrounding area are home to a concentration of about 1,600 diamond-related companies, including polishing, cutting, and retail. This district generates employment for 30,000 people.
According to the Antwerp World Diamond Centre (AWDC), which oversees the industry, before Russia’s invasion of Ukraine, approximately 25% of the diamonds traded in Antwerp were of Russian origin.
appeals Tom Neys, spokesperson for the AWDC.
Within the EU, the three Baltic states and Poland have been calling for sanctions on diamonds. However, backed by the powerful lobbying pressure of the diamond industry, Belgian Prime Minister Alexander De Croo has opposed imposing an import ban on Russian diamonds.