The move aims to diminish the financial resources derived from diamond exports and deter further Russian aggression. G7 leaders have also expressed their intent to collaborate with key partners to ensure the effective implementation of future coordinated measures, leveraging advanced tracing technologies.
The decision comes as part of a broader response to Russia's destabilising actions in Ukraine and its continued violation of international norms. The G7 has emphasised the need for a strong and unified stance against Russian aggression, sending a clear message of support for Ukraine while simultaneously imposing economic constraints on Russia.
Diamonds hold significant economic value for Russia, and the G7's concerted effort to restrict their trade is expected to have a tangible impact on the country's revenue. By implementing trade restrictions and leveraging cutting-edge tracing technologies, the G7 aims to ensure effective enforcement of these measures, minimizing the potential for illicit diamond trade and circumvention.
“In order to reduce the revenues that Russia extracts from the export of diamonds, we will continue to work closely together to restrict trade in and use of diamonds mined, processed or produced in Russia and engage with key partners with the aim of ensuring effective implementation of future coordinated restrictive measures, including through tracing technologies,” stated a joint statement issued by the G7 leaders, published on The White House website.
The UK Government said it will legislate later this year to ban imports of Russian diamonds. Earlier, the UK had sanctioned Alrosa and hiked tariffs by an additional 35%.