EU Expands Sanctions on Russian Diamonds and Related imports

Beginning January 1, 2024, the European Union moves to tighten the import rules on non-industrial diamonds that are mined, processed, or produced in Russia. This measure is part of the approved 12th package of anti-Russian sanctions, announced by EU authorities and documented in the Council’s latest package briefing. The goal is clear: restrict a key revenue stream for Russia by limiting access to the global diamond market and gradually escalate controls over time. The sanctions are designed to be implemented in stages, with the most significant steps taking effect on schedule and any necessary operational adjustments to be completed in the months that follow. The EU spokespeople describe the policy as a strategic move to curb Russia’s earnings from gem exports while maintaining a measured approach that minimizes unintended consequences for EU partners and global supply chains.