EU Moves on Sanctions for Russian Diamonds Amid G7 Talks
The European Union is actively considering new measures targeting the diamond trade tied to Russia. In Brussels, a representative of the European Commission indicated that discussions with G7 partners are continuing as part of a broader effort to curb Moscow’s revenue from diamond mining and sales. Officials noted that the process is ongoing and that no final decisions have been announced yet.
During a recent briefing, questions were raised about whether the heads of trade ministries from the G7 had already explored sanctions on Russian diamonds at a high-level meeting held in Osaka. The spokesperson emphasized that negotiations are in progress with partner nations and that developments remain pending. Officials stressed that any steps would be taken in close coordination with G7 allies, aiming to align policy across major economies.
At the start of October, discussions resurfaced about the possibility of imposing restrictions on Russian diamond exports. High-ranking EU leaders signaled readiness to act in concert with their partners to disrupt Moscow’s ability to finance its diamond sector. The plan centers on reducing the income generated from mining and selling diamonds, a key revenue stream for the Russian economy, while considering the wider impact on the sector and on allied markets.
Within the EU, there are divergent viewpoints on how far sanctions should go. Some member states advocate rapid, comprehensive measures, while others urge caution regarding potential repercussions for European markets and energy security. A notable stance comes from a government ministry official who suggested that any new sanctions package would need to avoid or limit involvement in energy-related sectors, arguing for a calibrated approach that minimizes unintended effects on member economies and neighbors.
Meanwhile, discussions continue around the timing of sanctions packages and how best to implement restrictions in a way that maximizes value for policy objectives without delaying other critical sanctions measures already in the pipeline. Officials continue to assess the effectiveness of current restrictions and to explore additional tools that could diminish Moscow’s ability to fund its activities through resource extraction and international trade.