Britain will ban diamond imports from Russia from 2024

Britain, following the G7 countries, will ban import of Russian diamonds, the Kingdom's Foreign Ministry reported. They noted that after this decision, onlyEXPORTwith a low level of risk will remain unauthorized. Moscow condemns sanctions of the West

Great Britain will ban the import of Russian diamonds from January 1, 2024, similar to the ban previously agreed upon by the G7 countries, the Kingdom's Foreign Ministry reported.

“The Governmentof Great Britain introduces a separate law banning imports diamonds from RUSSIA,” the message says. The import of a number of metals will also be subject toban.

In addition, the new package provides for restrictions on the export of a number of goods that can be used for military or industrial purposes, including spare parts and electronics.

The ministry noted that after the outbreak of hostilities in Ukraine imports to the UK from Russia fell by 94% (for 2022), and exports - by 74%. InLondon they said that they continue to put sanctions pressure on Moscow's military capabilities. “In fact, after this [package of restrictions] only low-risk exports, humanitarian, food and medical exports will remain unauthorized,” the Foreign Ministry emphasized.

G7 countries (Great Britain, Germany, Italy, CANADA, France, Japan and usa) announced a ban on imports of “mined, processed or produced in Russia” diamonds from January 1 at the beginning of December. They also clarified that from March 1 next year, the import of Russian diamonds processed in third countries will be limited.

In October, the HEAD of the European Commission (EC) Ursula von der Leyen said that one of the main points of the 12th package of sanctions against Russia would be restrictions on the import of Russian diamonds. The head of European diplomacy, Josep Borrell, also announced in November that diamonds would be subject to sanctions.

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The EC accepted proposals for a new package of restrictions, a representative of the RBC commission said on November 15. They, according to him, are aimed at “cutting the remainingincome of Russia from the export of diamonds to Europe and partner countries.” According to AFP, the ban on the purchase of Russian stones processed in third countries, at the proposal of the EC, will come into force in September 2024.

Russian Deputy Finance Minister Alexei Moiseev warned that sanctions against diamond supplies from Russia would lead to disruption of competition in the global market and could hit vulnerable populations in countries with diamond industries. According to him, it is Western countries that “bear full responsibility for the serious consequences of the deliberate distortion of the global diamond market and the consistent breakdown of the Kimberley Process.”

According to the European Commission, in 2022 Belgium imported €1.39 billion worth of Russian diamonds.The world market for rough and polished diamonds is structured in such a way that a stone mined by the Russian company ALROSA (provides 90% of diamond production in Russia) can be cut in India, then go to the Antwerp Diamond Exchange in Belgium, where it can be sold and sent to other markets (USA, Hong Kong, etc.). In 2021, Russiareceived $4.5 billion from the export of 48.7 million carats of diamonds to various countries.In 2022 In 2018, direct sanctions against ALROSA were imposed by the USA, Canada, and Great Britain, but the European Union refrained from them until recently under the influence of Belgium. The US ban on imports of Russian diamonds does not apply to those that have been “substantially processed” in other countries.