The European Commission proposes to ban the import of Russian diamonds and diamond jewelry from the beginning of 2024 as part of the 12th package of sanctions.
Ban on the import of Russian diamonds
The proposal, being discussed by ambassadors from 27 EU governments, also calls for a ban on the import, purchase and transfer of diamonds transiting through Russia and Russian diamonds cut and polished in third countries such as India.
The proposal says the ban would apply to non-industrial natural and synthetic diamonds and diamond jewellery from January 2024.
Also, a ban on the import of Russian diamonds processed in third countries, including jewellery with Russian diamonds, will be introduced in stages - from March 1 to September 1.
This phasing in of indirect import bans takes into account the need to deploy an appropriate tracking mechanism that ensures effective enforcement and minimizes disruption to market participants, says the proposal, seen by Reuters.
Russia will not be able to import diamonds
According to The Guardian, steps aimed at blocking Russia's commercial income are at the heart of the European Commission's proposals, which still need to be approved by EU leaders at the next summit in December. These include a complete ban on intra-bloc selling of Russian diamonds and jewellery using precious stones from Siberian mines.
According to the EU, this could decrease the Kremlin's income by more than 4.5 billion euros per year.
The ban has been in the works since last year but only became a reality after Belgium, home to the global diamond hub of Antwerp, withdrew its objections over the summer, and the G7 agreed to impose sanctions during a summit in Japan.
