Canada will continue to work with the G7 countries and other international partners to implement comprehensive controls that will prohibit Russian diamonds from being supplied to the G7 markets.
Canada has strengthened sanctions against Russian diamonds
Canada, with its G7 partners, imposed additional restrictions on the import of Russian diamonds.
The Canada's MFA chief, Melanie Jolie, reported on Mar.1.
According to her, this ban complements the restrictions introduced by Canada in December 2023 on the import of diamonds and diamond jewellery products from Russia, aimed at the indirect import of Russian diamonds weighing 1 carat and above.
This aligns with commitments made in February, May and December 2023 by G7 leaders to reduce the Putin regime's income from exporting rough diamonds from Russia.
Melanie Jolie
Minister of Foreign Affairs of Canada
The latest measures confirm Canada's determination to impose additional costs on dictator Vladimir Putin's regime for its unjustified war of aggression against Ukraine.
Sanctions against the diamond sector of the Russian Federation
At the beginning of February 2024, the Council of the EU introduced additional restrictive measures against the most significant Russian diamond mining company "Alrosa" and its CEO, Pavel Marinichev. The company and its head were found to be involved in the war in Ukraine.
The United States of America imposed new sanctions against Russia on Feb. 8. They, in particular, are concerned with the import of diamonds.
Today, the US OFAC is taking its second price cap enforcement action of 2024, imposing sanctions on four entities and designating one vessel as blocked property. A network of these organisations and a ship were involved in a scheme to breach the price cap at the end of 2023.
OFAC is also issuing two new regulations that implement the G7's commitment to ban imports of Russian diamonds.
Brian Nelson, the Treasury's assistant secretary for counterterrorism and financial intelligence, said the crackdown on vessels violating restrictions on Russian oil prices should be a constant warning that the U.S. can and will enforce the limits.
The European Union introduced the 12th package of sanctions against the Russian Federation earlier. It included restrictive measures on the import or transportation of Russian diamonds.
At the end of January, it became known that Angola wanted to expel Russia from the joint diamond mining business. Suppliers and banks refuse to work with their companies because of the sanctions imposed on the Russian Federation.
