Canada has introduced restrictions on importing Russian diamonds and related jewellery with them, together with its partners in G7.
What is known about the ban on importing diamonds from the Russian Federation
Western countries have finally agreed to impose sanctions on diamonds from the Russian Federation. The import ban will come into force on January 1, 2024; the following year, the embargo on the circulation of these stones will be implemented in stages.
At the same time, Russian diamonds sold through third countries will be embargoed from March.
The introduction of this ban in agreement with our G7 partners sends a clear signal to Russia: we will not tolerate Russia's use of diamond revenues to finance war, the Canadian MFA chief, Mélanie Joly said.
She called on the Russian dictator Putin to "immediately put an end to the unjustified war of aggression against Ukraine."
We will support Ukrainians as much as necessary, the minister emphasized.
Sanctions on the import of diamonds from Russia
Following a virtual summit on December 6, the G7 states announced their intention to introduce restrictions on Russian-made diamonds by January 1, 2024.
By September 1, 2024, the leaders added that the G7 countries, the leading importers of uncut diamonds, will establish a mechanism for the inspection and certification of uncut diamonds and consult on this issue with producing countries and parterres.
The EU previously said they also intend to introduce sanctions against diamonds of Russian origin but are waiting for a G7 decision explaining the mechanism of such a ban.
As is known, sanctions against Russian diamonds were discussed with the G7 by Belgium, a member of the European Union, on whose territory, in Antwerp, is one of the world's largest centres of trade in these jewels.
According to estimates, the export of diamonds brings the Kremlin €4 billion a year.
