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G7 announced the imposition of restrictions on Russian diamonds

06 Dec, 2023
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G7 announced the imposition of restrictions on Russian diamonds

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Leaders of the Group of Seven (G7), following a virtual summit, announced their intentions to impose restrictions on Russian diamond imports by January 1, 2024. The leaders' statement, released on December 6, outlines plans to implement restrictions on the import of non-industrial diamonds mined, processed, or manufactured in Russia.

Furthermore, phased restrictions on the import of Russian diamonds processed in third countries are set to commence by March 1, 2024. Before September 1, 2024, G7 states, as major importers of uncut diamonds, will introduce a tracking and certification mechanism for these diamonds. The development and implementation of this mechanism will involve consultations with partners and diamond-producing countries.

The G7 nations also committed to stricter adherence to the policy of price limitations on Russian oil, including sanctions on those attempting to circumvent them. Additionally, the G7 affirmed their dedication to further restricting Russia's use of the international financial system for continuing the war in Ukraine, including efforts by Russia to leverage the international financial system to expand its military-industrial base.

The leaders stated their commitment to updating measures, intensifying efforts against sanctions evasion, and taking action against entities from third countries materially supporting Russia's war. This includes targeting Russian military procurement networks and those aiding Russia in acquiring equipment and essential resources.

The Odessa Journal

The Odessa Journal

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