31 Mar 2023
DiamondWorld Directory
Home |
US tells India to Stop Trade with Russia
Citing a loophole in the sanctions, US lawmakers write a letter to the US government
By: Diamond World News Service
May 6 2022 9:32PM
Reference: 26319  


Lawmakers in the US got together to target the Russia-India diamond trade to wade a loophole in the sanctions that they have imposed. The sanctions allow import of cut and polished stones into the US from anywhere except Russia while the sanctions do not ban cut and polished stones from other states. India is known to cut and polish 95% of all rough diamonds in the world. The US lawmakers in their letter addressed to Tony Blinken, Secretary of State and Janet Yellen, Treasury Secretary, sounded a bell of alarm that the sanctions imposed upon Russia’s diamond industry would have negligible impact over Russia’s ability to fund the war through an economic clampdown, especially Alrosa the world's largest diamond mining company and its CEO Sergei Ivanov. The company, had USD 4.2 billion worth sales in 2021 which incorporates 90 per cent of Russia's diamond mining capacity and 28 percent globally. India directly imports only around 10% of Alrosa's total rough diamond output.

The group of lawmakers requested the Treasury Department that had devised the sanctions to make amends and reconsider the interpretation of origin of diamonds as different from importation of diamonds that may cut or polish diamonds from Alrosa. Second, “the United States should work with its Indian counterparts, as well as those in trading centers such as Dubai, to ensure they are not being used to line the pockets of those closest to Vladimir Putin. Luxury goods, especially items like diamonds that are used mainly for export to wealthy nations, should be among the first that Treasury and State Departments consider future action. We ask for your consideration of additional actions that would constrain the Kremlin's capacity to access revenue from their diamond industry which could fund the invasion of democratic and sovereign Ukraine," they said. Finally, the State and the Treasury Departments should provide guidance to Customs and Border Protection (CBP) and the Department of Homeland Security (DHS) to aid the prohibition of importation of Russian diamonds into the United States. The letter ended with the lawmakers stating that Putin's callous attack on sovereign Ukraine be  met with a forceful response from the United States and its partners.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
Search News by City
Recent Issue
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 33193
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 10797
GJEPC Chairman Interview
Views: 29247
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 40614
Promo for IJ Awards 2012 at NDTV Profit
Views: 58196
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 69888
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 22508
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 51771
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 54365
Member of:
Supporter of: