The G7 countries agreed to track Russian diamonds
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The G7 (G7) countries agreed to cooperate on limiting the export of Russian diamonds, including their tracking. However, there is no talk of a direct ban on the import of diamonds from the Russian Federation. This is stated in the G7 joint statement.
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“In order to reduce the income received by Russia from the export of diamonds, we will continue to work closely on limiting the trade and use of diamonds mined, processed or produced in the Russian Federation,” the document states.
The statement also states that the G7 countries will cooperate with key partners to ensure the effective implementation of “future restrictive measures, including through tracking technologies.”
Read also: G7 countries will prevent attempts to use foreign branches of Russian banks to circumvent sanctions
Let’s remind
The Ministry of Finance wrote that Russian diamonds can be considered “bloody”. Ukraine, the EU, Australia, Great Britain, Canada and the USA demand a ban on trade in Russian diamonds because of the Russian invasion of Ukraine.
Earlier it was reported that the “Big Seven” countries are considering the possibility of introducing sanctions against diamonds supplied by the Russian diamond mining company “AlRosa”.
This company accounts for about a third of the world supply of diamonds, their value is estimated at $2.5 billion. The company is under sanctions from the United States and Great Britain, but for now India can freely export diamonds from the Russian Federation to the United States and other G7 countries, if they undergo a significant transformation.
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Source: Ministry of Finance
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