G7 leaders agree to impose restrictions on russian diamond imports by the end of the year

Countries The G7 has agreed with Ukrainian President Volodymyr Zelenskyy  on measures to restrict imports of russian diamonds. The first restrictions will take effect before the New Year 2024. This is stated in the statement of the G7 statement, published by the British Prime Minister's Office, UNN reports.

We will impose restrictions on imports of non-commercial diamonds mined, processed or produced in russia, processed or produced in russia by January 1, 2024. ...the effectiveness of these measures are those of the G7 members that are major importers of rough diamonds, will introduce a reliable traceability-based verification and certification mechanism for rough diamonds in the G7 by September 1, 2024. ... We will continue consultations among G7 members and other partners, including producing countries, as well as and producing countries on comprehensive controls for diamonds produced and processed in third countries on traceability measures.

Details

U.S. President Joe Biden and Group of Seven (G7) leaders met virtually on Wednesday, December 6 December 6, met virtually with Ukrainian President Volodymyr Zelenskyy. As a a sign of solidarity and support for Ukraine, they agreed to impose a new ban on business in russia. This time, the restrictions will affect the Russian diamond business.

According to published statements, the Group of Seven countries will ban non-consumer diamonds from russia by January 2024. And the restrictions on Russian diamonds that are currently currently sold by third countries, will come into effect in March.

Russia's ALROSA, the world's largest diamond company, declined to comment.

Additionally

At the meeting, the leaders also planned to tighten controls on Russia's use of the international financial system and introduce the international financial system and impose more sanctions to limit the price of russian oil.

The G7 members, which include Japan, the United States, Canada, the United Kingdom, Germany, France, Italy, and United Kingdom, Germany, France, Italy, and the European Union, in May pledged to limit any exports to Russia that could finance its military actions in Ukraine.

A statement released at the time said the restrictions would apply to exports of industrial equipment, tools and technologies, and would also attempt to limit Russia's revenues from the trade in metals and diamonds.

Western countries have recognized that the impact of the $60 price cap on Russian oil has diminished over the year. dollars had diminished over the year, and countries were looking for ways to strengthen the restrictions.