Canada introduces sanctions against Russian diamonds

December 7,2023 545
Canada introduces sanctions against Russian diamonds

Canada has introduced sanctions against Russian diamonds and related goods, the country’s Minister of Foreign Affairs, Mélanie Joly, said. Restrictions will be introduced on the import of precious stones and related jewelry. The decision was made in coordination with Canada’s G7 partners.

Implementing the ban in cooperation with G7 partners sends a clear signal to Russia that Ukraine’s partners will not tolerate the use of Russian diamond revenues to finance war.

We call on President Putin to immediately put an end to this unjustifiable war of aggression against Ukraine, and we will continue to stand by Ukrainians for as long as it takes,” Joly said.

Canada will continue to work with G7 countries and other international partners to implement comprehensive controls and verification measures to interdict Russian diamonds.

Russia is the world’s largest producer of rough diamonds. In 2022 alone, Moscow earned more than US$3.5 billion from producing precious stones. Russia is also a significant global exporter of diamonds and related products. According to estimates, the export of diamonds brings the Kremlin EUR 4 billion a year. The main importers of rough diamonds are the G7 countries.

Previously, the G7 countries announced their intention to introduce restrictions on Russian-produced diamonds by January 1, 2024. By September of next year, the Group of Seven promises to create a mechanism for checking and certifying rough diamonds.

The European Union also intends to introduce sanctions against Russian diamonds, but they are waiting for a G7 decision explaining the mechanism of such a ban.

Cover: Bloomberg | Bloomberg | Getty Images

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