EU ban on import of Russian diamonds comes into pressure on 1 January

A ban on commerce in diamonds originating from the Russian Federation got here into pressure on Monday, 1 January; the related choice on Russian diamonds was made as a part of the twelfth bundle of sanctions in opposition to Russia.

Supply: European Pravda

Particulars: The adopted measures embrace a ban on the direct or oblique import, buy or switch of diamonds from Russia. The ban, beforehand agreed on the degree of the Group of Seven, took impact on 1 January 2024.

Restrictions on Russian diamonds processed in third international locations will likely be carried out from 1 March to 1 September 2024.

It’s estimated that the export of tough and polished diamonds brings the Kremlin €4 billion a yr.

Background:

• The Council of the European Union accomplished the method of adopting the twelfth bundle of sanctions in opposition to Russia on Monday, 18 December.

• As well as, following a distant gathering on Wednesday, 6 December, the Group of Seven international locations are set to impose restrictions on Russian-made diamonds by 1 January 2024.

• The G7 international locations, that are the main importers of tough diamonds, can have created a mechanism for verifying and certifying tough diamonds by 1 September 2024 and can seek the advice of with producing international locations and companions on this subject, the leaders added.

Help UP or develop into our patron!