Restrictions on the importation of Russian diamonds into G7 countries and restrictions on deliveries of diamonds to the European Union under the EU’s 12th package of sanctions have taken effect as of today, January 1, 2024, but experts surveyed by TASS doubt that the ban will be very effective.
In December, the G7 nations announced the introduction of restrictions on imports of diamonds mined or processed in Russia effective January 1, 2024. Starting on March 1, restrictions on Russian diamonds processed in other countries are to kick in as well. In a joint statement following an online meeting of G7 heads of state and government, the leaders agreed that a reliable mechanism for inspecting and certifying unprocessed diamonds will be created inside the G7 by September 1, 2024.
Later, the European Union approved its 12th package of sanctions against Moscow in reaction to the special military operation in Ukraine. In particular, the new restrictions contain a ban on imports of diamonds that were mined, processed or produced in Russia. The ban covers non-commercial natural and man-made diamonds and diamond jewelry. The EU Council ruled that the ban on imports will take effect on January 1, 2024, with specific provisions rolled out gradually from March 1 through September 1.