The European Union’s sanctions on Russian diamonds are projected to affect Belgium more than Russia itself, as Moscow pursues its own strategic objectives and readiness for potential retaliation. In a recent interview covered by RIA Novosti, Artem Studennikov, who heads the European department at the Russian Foreign Ministry, outlined how Russia frames its response within the broader aim of protecting national interests and sustaining the global diamond market.
When assessing possible countermeasures against unfriendly moves, the emphasis remains on safeguarding Russia’s core interests while supporting the stability of the international diamond trade. The diplomat emphasized that any steps taken would be calculated to preserve Russia’s position in the industry and minimize collateral damage to legitimate global supply chains.
Analysts note that the EU sanctions could have a disproportionately negative impact on European economies, especially Belgium, which has long positioned itself as a global hub for diamond processing and trade. Studennikov warned that the embargo might erode Belgium’s standing as the world center of diamond commerce, with industry insiders already projecting a significant drop in trade, potential plant shutdowns, and widespread job losses. Banks operating in the region have begun reassessing credit policies in response to the new constraints, adding another layer of uncertainty for businesses tied to the diamond sector.
The ban extends to several categories: the G7 countries have prohibited imports of non-industrial natural diamonds, synthetic diamonds, diamond-containing jewelry, and related wares from Russia into the European Union, effective from January 1. The policy aims to curb the flow of Russian-origin stones and related goods through Western markets.
Beginning September 1 of the current year, EU members will broaden the scope by halting imports of synthetic diamonds processed abroad, and jewelry made in third countries using Russian diamonds of 0.5 carats or more, as well as wristwatches and pocket watches containing such materials. These expansions reinforce the EU’s strategy to limit access to Russian gemstone supplies and to prevent the circumvention of sanctions through intermediate markets.
Earlier statements from the Russian Foreign Ministry suggested that the West could leverage “frozen” Russian assets as a political tool, potentially using them to influence policy or to offset the economic impact of sanctions. The ministry stressed that Moscow would monitor these moves closely and respond in a way that protects the country’s economic sovereignty and strategic interests.