The United Kingdom is imposing a ban on Russian diamonds as part of new sanctions against Moscow due to the war in Ukraine. The import of metals such as copper, aluminium, and nickel is also prohibited. The British government announced this on Thursday on the eve of the G7 summit in Hiroshima, Japan, according to Reuters.
The European Union will also “restrict the trade in Russian diamonds,” said Charles Michel, the President of the European Council, on Friday in Hiroshima at the beginning of the G7 summit, as reported by AFP. “Russian diamonds are not forever,” he said to the media, making a reference to the James Bond classic.
These measures are part of new sanctions that the leaders of the Group of Seven wealthy industrialized nations (the United States, Canada, the UK, Germany, France, Italy, and Japan) plan to announce at the summit in Japan. London is adding 86 individuals and companies to the sanctions list.
According to the ANP, the diamond trade generates an estimated €4 billion per year for Russia. Previous European discussions about a ban on Russian diamonds encountered opposition from, among others, Belgium, which imports many diamonds from Russia.
