The European Union will “restrict trade in Russian diamonds” as part of sanctions against Moscow following the invasion of Ukraine, European Council President Charles Michel announced this Friday at the G7 bloc summit in Japan.
“Russian diamonds are not forever,” he ironically told the press in Hiroshima, confirming a move by the European Union aimed at “disconnecting Russia from its financiers.”
The President of the European Council assured that the EU is determined to “close the door to legal loopholes” that the Kremlin is using to “continue fanning the fires of war in Ukraine”.
Hours earlier, the United Kingdom had also announced new measures against Russia’s mining sector, including the diamond trade, which brings Moscow billions of dollars every year.
London will also impose restrictions on several metals of Russian origin, particularly copper, aluminum and nickel, in addition to preparing a new round of sanctions against 86 individuals and companies associated with Russian President Vladimir Putin and the Russian military industry.
On Thursday, a European Union official had said leaders of G7 nations would discuss sanctions against Russia’s diamond trade in Hiroshima, but noted the bloc was unlikely to reach a final deal at the summit, which ends on Sunday. .
Russia exported nearly $5 billion (€4.6 billion) worth of diamonds in 2021, according to the Observatory of Economic Complexity, an international trade data portal created by the Massachusetts Institute of Technology.
The United Arab Emirates, India and Belgium, which is a member of the EU, are among the main importers.
The EU official stressed that India’s accession is essential to ensure the impact of sanctions in this area.
India also maintains close military ties with Russia and has never condemned Moscow’s invasion of Ukraine.
Indian Prime Minister Narendra Modi was invited to the Hiroshima summit along with leaders from other major emerging economies.
The G7 countries, a group consisting of Britain, France, Japan, the United States, Germany, Canada and Italy – the EU also has a representation in the group – imposed unprecedented sanctions on Russia last year, but were cautious about areas that could harm European economies still reeling from the COVID-19 pandemic.
Also today, the United States announced new sanctions to prevent “about 70 entities in Russia and other countries from receiving goods exported from the US, adding them to the Commerce Department’s blacklist.”
A US official told Agence France-Presse that more than 300 new sanctions will be imposed on “individuals, organizations, ships and aircraft” across Europe, the Middle East and Asia.
Source: DN
