The leaders of the G7 countries, meeting virtually on Wednesday 6 December, announced that they would be introducing restrictions on Russian diamonds by 1 January.
“We will introduce import restrictions on non-industrial diamonds mined, processed or produced in Russia by 1 January 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries, targeting 1 March 2024 “, they explained in a statement.
In addition, to reinforce the effectiveness of these measures, G7 members “that are major importers of rough diamonds” will establish a robust verification and certification mechanism based on traceability for rough diamonds within the G7 “by 1 September 2024”.
The G7 members also announced that they would continue to consult their partners, including producer and manufacturer countries, on the design and implementation of this mechanism. They will also continue consultations on comprehensive controls on diamonds produced and processed in third countries, based on traceability measures.
The EU’s 12th sanctions package, currently being negotiated by the Member States, includes a ban on the import of natural and synthetic diamonds and jewellery from the beginning of 2024, and on Russian diamonds processed in third countries from September 2024 (see EUROPE 13293/1).
In addition to diamonds, the G7 reiterated its commitment to restricting exports of all items essential to Russia’s military and industrial base, and that it would work to further limit Russia’s use of the international financial system. They also promised to step up efforts to combat the evasion and circumvention of sanctions.
The G7 intends to strengthen the application of the Russian oil price capping policy, in particular by imposing sanctions on those who engage in deceptive practices and by updating the compliance rules, if necessary.
See the statement: https://aeur.eu/f/a0e (Original version in French by Camille-Cerise Gessant)