The Group of Seven nations has moved to ban imports of Russian diamonds starting January 1, 2024, with Reuters noting the commitment as part of the summit declaration. The plan calls for a staged prohibition on diamonds entering via third countries during the spring, accompanied by the creation of a verification and certification framework for rough diamonds expected by September 1. The text of the summit’s declaration has already appeared online through the Ministry of Foreign Affairs of Japan, signaling a unified stance among the G7 on this issue.
According to the declaration, import restrictions will target non-industrial diamonds that are mined, processed, or produced within Russia, signaling a broad approach to limiting trade in key diamond sectors. This move aligns with efforts to increase economic pressure on Russia by constraining its access to critical markets and partners in the diamond supply chain.
In London on December 6, the sanctions regime against Russia was expanded with 46 fresh restrictive measures aimed at individuals and groups. The expanded list includes entities from Belarus, China, Serbia, Turkey, the United Arab Emirates, and Uzbekistan, all of which are identified as supporting or enabling Russian industry in various capacities. This broader package underscores the multinational effort to tighten financial and logistical channels that could support the Russian economy.
Previously, a separate U.S. Treasury action targeted a Russian individual described as having facilitated money laundering on behalf of oligarchs. This addition to the sanctions landscape illustrates how authorities pursue financial trails linked to sanctioned actors across different jurisdictions, reinforcing the interconnected nature of the measures now in play.