Next week, the EU will take further steps to impose sanctions on Russian diamonds. It is one of the few raw materials that has not been subject to any EU restrictions so far.
As the head of the bloc’s foreign policy said in an interview with the Financial Times, the EU is ready to continue work on the long-stalled ban on the import of Russian diamonds next week after obtaining sufficient support from the G7 group of countries.
Russian diamonds flow to Europe
Diamonds are one of the few major Russian exports still unaffected by EU sanctions imposed in response to President Vladimir Putin’s invasion of Ukraine.
Josep Borrell, the EU’s top diplomat, told the Financial Times that the two-day meeting of G7 foreign ministers in Japan, which ended on Wednesday, ended in support for the move, removing a critical obstacle that had prevented European countries, including Belgium, which is one of
“In order for member states to be unanimous on the diamond trade ban, some have demanded that the G7 provide, shall we say, political coverage,” Borrell said.
Ukraine and several Central and Eastern European allies have long demanded that the EU ban trade in Russian diamonds, in addition to introducing sweeping measures to ban or restrict Russian exports such as oil, coal, steel and gold.
G7 leaders agreed in May to restrict trade and use of Russian diamonds, including through the use of tracking technology. However, efforts to impose EU legal measures stalled as Belgium argued that a simple ban on Russian stones would negatively impact trade in Antwerp, which is a global distribution center for the raw material.