Restrictions On Russian Diamonds Import To G7, EU Countries Take Effect From Monday

In the wake of the Russian invasion of Ukraine, the 12th package of sanctions over the import of Russian diamonds into G7 countries and restrictions on deliveries of diamonds to the European Union came into effect today, Russian News agency TASS reported on Monday.

It said in its report that G7 nations announced the introduction of restrictions on imports of diamonds mined or processed in Russia which came into effect on 1 January 2024.

Starting on 1 March, restrictions on Russian diamonds processed in other countries are to kick in as well.

In a joint statement following an online meeting of G7 heads of state and government, the leaders agreed that a reliable mechanism for inspecting and certifying unprocessed diamonds will be created inside the G7 by 1 September 2024.

Later, the European Union approved its 12th package of sanctions against Moscow in reaction to the special military operation in Ukraine.

In particular, the new restrictions contain a ban on imports of diamonds that were mined, processed or produced in Russia. The ban covers non-commercial natural and man-made diamonds and diamond jewellery. The EU Council ruled that the ban on imports will take effect on 1 January 2024, with specific provisions rolled out gradually from 1 March through 1 September, TASS reported.

Earlier, in September, the US imposed sanctions on 37 entities involved in expanding Russia's energy production and future export capacity and identified two related vessels as blocked property.

According to the US State Department, the designations included entities and individuals involved in the development of key energy projects and associated infrastructure, including Russia's Arctic LNG 2 liquified natural gas project.

It further included entities involved in the procurement of materials and advanced technology for future energy projects for which Russia has historically relied on foreign service companies' expertise and technology.

The US State Department designated individuals and entities to impose further costs in response to Russia's unprovoked war against Ukraine. Along with the entities involved in Russia's Arctic LNG 2 liquified natural gas project, the state designated two Turkiye-based entities for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of persons whose property and interests in property are blocked pursuant, according to the statement by the State Department.

The US also imposed sanctions on Russian banks and President Vladimir Putin. The sanctions are intended to damage Russia's economy and hold it accountable for the ongoing conflict in Ukraine.

The sanctions targeted individuals, banks, businesses, monetary exchanges, bank transfers, exports and imports. (ANI)