The US Treasury Department has allowed limited imports of certain categories of diamonds of Russian origin, previously banned by President Joe Biden's executive order.
Points of attention
- US Treasury Department permits limited imports of select Russian diamonds previously banned by executive order.
- The new license allows the import of 'old' Russian diamonds meeting specific criteria but upholds restrictions on certain categories.
- Implications of the decision extend to international financial circles, raising discussions on the partial exemption of Russian diamonds from US sanctions.
Russian diamonds partially exempted from US sanctions
This is stated in a document posted on the website of the Ministry of Finance.
The new license, signed by the Director of the Office of Foreign Assets Control, Bradley Smith, allows the import of "non-industrial diamonds" weighing 1 carat or more that were outside Russia after March 1, 2024, and weighing 0.5 carats that were outside the Russian Federation after September 1, 2024.
At the same time, the import of other diamonds of Russian origin remains prohibited, and transactions with persons under sanctions are not permitted.
The license will be valid until September 1, 2026.
At the same time, the document emphasizes that "nothing in this general license exempts any person from compliance with other federal laws or requirements of other federal agencies."
In fact, the document legalizes the circulation and import of "old" Russian diamonds, but does not allow the purchase of new ones that come directly from Russia after the specified dates.
