The U.S. Treasury Department’s Office of Foreign Assets
Control (OFAC) issued a general license temporarily authorizing imports of industrial diamonds from Russia on Aug. 27, lifting restrictions imposed in
February 2024.
Under the license, imports that had been banned are permitted until Sept. 1, 2026, provided the diamonds were physically outside Russia before specified cutoff dates and were not exported or re-exported from Russia after those dates:
- March 1, 2024, for nonindustrial diamonds weighing 1 carat or more
- Sept. 1, 2024, for nonindustrial diamonds weighing 0.5 carat or more
Despite the temporary relief, imports of non-industrial diamonds of Russian origin into the United States remains prohibited.
Earlier this month, U.S. officials also temporarily lifted sanctions that had blocked financial transactions with Russia needed to organize the Aug. 15 Alaska summit between U.S. President Donald Trump and Russian dictator Vladimir Putin.