Following the UK, the European Union will limit the trade in Russian diamonds. Until recently, Belgium and the Antwerp diamond lobby were opposed.
However, the diamond trade directly finances the war since the Russian government implemented an exceptional tax on Alrosa, its main diamond producer.
Westerners should also establish better traceability because many Russian diamonds go through India or Dubai to be processed there.
embargo circumvention
The circumvention of sanctions by Russia should also be on the menu of discussions at the G7.
Turkey, China and many Central Asian countries such as Kazakhstan are accused of importing from the European Union and re-exporting to Russia embargoed electronics that can be used by the Russian military.
Syria is accused of exporting phosphate through companies owned by Russian oligarchs.
Without forgetting India, which has become the hub of Russian oil. The country imports Russian crude in much larger proportions than before the war at a bargain price: on average $44 a barrel. And it exports more than before, especially to the European Union.
Russian uranium saved
Despite the embargo on crude oil and refined products decided at the end of last year, the West should now prevent the importation of oil products refined from Russian oil, even if they are sold by third countries.
On the other hand, gas and uranium should once again escape sanctions.
If pipeline arrivals have dried up largely due to Gazprom and Russia, Europeans import more LNG than before the war. We see a 55% increase in France, the Netherlands and Spain in 2022.
Liquefied gas that comes from the Yamal project, LNG in which Totalenergies participates in compliance with European regulations.
Russian uranium is also saved because it remains essential for European and American nuclear activities.
Source: BFM TV
