US, EU discuss ways to impose ‘diamond sanctions’ on Russia

7 March, 11:56 AM
Diamonds (Photo:Siphiwe Sibeko / Reuters)

Diamonds (Photo:Siphiwe Sibeko / Reuters)

The United States and the European Union have discussed the importance of engaging the diamond industry on future Russia-related import measures, including on polished diamonds, the U.S. Department of State said in a press release on March 6.

The meeting was held by Head of the U.S. Office of Sanctions Coordination James O’Brien and the European Commission’s Deputy Director General and Chief Trade Enforcement Officer Denis Redonnet with the U.S. and European offices of leading diamond retailers, manufacturers, laboratories, and industry trade associations.

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“Russia continues to earn billions of dollars from the diamond trade, and the discussion centered on the most effective and impactful ways to disrupt that revenue stream,” the report says.

“The United States and European Union remain committed to imposing economic consequences on Russia for its unprovoked war in Ukraine.”

In September 2022, five of the bloc’s 27 countries said in a joint proposal that the European Union must stop importing diamonds from Russia.

Earlier Belgium, home to the world’s biggest diamond trading hub Antwerp, rejected such a ban.

Meanwhile, Ukrainian Prime Minister Denys Shmyhal called for the introduction of sanctions against Russian nuclear and diamond industries.

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