G7 countries have started to impose restrictions on Russian diamond imports from third countries

The G7 countries are starting to gradually restrict the import of Russian diamonds processed in third countries.

According to APA, citing TASS, this decision is reported on the website of the Belgian Foreign Ministry.

The website of the Ministry of Foreign Affairs contains the following statements: “As of 1 March, the G7 is going further with the introduction of indirect import restrictions. This means that the import of Russian diamonds from third countries will be gradually banned. So, from today, all Russian rough diamonds or polished diamonds of 1 carat or heavier processed in third countries will be banned on the market of G7 countries, including the EU market. This applies in particular to diamonds mined in Russia and processed into polished diamonds.”

“While importers will have to prove with documents that they are not of Russian origin during a six-month transitional period, compliance with this indirect import ban will ultimately be monitored through a verification and certification system based on reliable traceability technologies,” according to the Foreign Ministry statement. “Belgium is therefore starting today, in close consultation with the G7 members and the European Commission, the phased implementation of such a control system based on technological traceability, so that it will be fully operational by 1 September.”

In December 2023, the Group of Seven (G7) countries announced restrictions on the import of diamonds mined or processed in Russia from 1 January 2024. The restrictions will also apply to Russian diamonds processed in other countries from 1 March. In a joint statement issued after the virtual meeting, G7 leaders agreed to establish a “credible mechanism” to control and certify rough diamonds by 1 September 2024.

The ban on imports of rough diamonds from Russia to EU countries entered into force on 1 January 2024 as part of the 12th sanctions package. This ban did not apply to industrial diamonds and personal jewellery of individuals crossing the border. According to a statement by EU High Representative for Foreign Affairs and Security Policy Josep Borrell in early January, the EU blacklisted Alrosa and its CEO Pavel Marinychev as part of the ban on diamond imports from Russia.


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