2023-12-08 01:15:02
For the first time, the G7 countries have agreed on a ban on Russian diamonds. From January 1, they will no longer be able to import these precious stones. But there are still a few details to be ironed out.
It was one of the last Russian raw materials that escaped Western sanctions. Diamonds from Moscow will be banned by the G7 countries from January 1. Objective: to further reduce Russia’s revenues and thus prevent it from financing its war with Ukraine.
In their decision, rendered this Wednesday, December 6, the G7 countries also intend to put an end to the importation of Russian diamonds cut in other countries and this “ from March 1, 2024 “. To do this, ” a robust traceability and certification mechanism for rough diamonds will be put in place by September 1 » in the words of the press release.
Doubts about the effectiveness of this sanction
At the European level, the decision must still be approved by the Council of Ministers of the European Union. It is currently impossible to know whether the blockages, particularly in Hungary, will be lifted. In recent weeks, Belgium has changed its position. Long opposed to the ban on Russian diamonds – the precious stones represent a significant windfall in the country – Prime Minister Alexander de Croo declared that “ sanctioning diamonds is the right thing to do “. If the measure were adopted by the European Union, it would hit Antwerp, a diamond stronghold on the old continent, hard.
One question remains: will this ban be effective? For our interlocutors, this is not certain. “ Diamonds represent a tiny part of the Russian economy », comments one of them, before continuing: “ This will not hamper Russia’s ability to finance its war effort ».
Especially since trade will be able to continue with non-G7 countries. “ The measure may destabilize traders who buy in Russia, but they will quickly distribute them elsewhere », predicts an industrialist. Among the winners: India, which cuts the majority of Moscow’s stones, but also Dubai, which should recover market share.
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