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EU Confirms It Plans to Sanction Russian Diamonds

October 30, 2023  |  Joshua Freedman
Russian rough diamonds credit Alrosa 1280 USED 301023

The European Union is weighing how to target Russian diamonds in its next package of punitive measures against the country.

“We are looking into how to cut the remaining revenues that Russia draws from the export of diamonds to Europe and its partners,” said European Commission President Ursula von der Leyen on Friday. “This would be done in very close cooperation with our G7 [Group of Seven] partners.”

The EU is in the process of preparing the 12th set of sanctions against Russia since the war in Ukraine began in February 2022. Leaders of the bloc are in consultation with its member states, said von der Leyen at a press conference during a meeting of the European Council.

The declaration comes amid discussions about ways for the G7 nations to sanction Russian diamonds. The G7 — of which the EU is a member — has previously pledged to “work closely together to restrict trade” in goods from that country.

In recent months, the industry and governments have been working on methods for identifying diamond provenance and sidelining Russian goods, though progress has been difficult.

Main image: Russian rough diamonds. (Alrosa)

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Russian rough diamonds credit Alrosa 1280 USED 301023 EU Confirms It Plans to Sanction Russian Diamonds

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