India Continues to Battle G7 Sanctions

India's Foreign Affairs Minister, Subrahmanyam Jaishankar believes the G7's sanctions on Russian diamonds will hit India hard. He's determined to delay, soften, or prevent the ban altogether
India Continues to Battle G7 Sanctions

India's External Affairs Minister, Subrahmanyam Jaishankar, emphasized that the G7 sanctions targeting Russian diamonds will disproportionately impact India. Speaking to young business leaders in Surat recently, he expressed India's resolve to mitigate the ban's effects, aiming to delay, soften, or ideally prevent its implementation altogether.

Jaishankar underscored the urgency of the issue for India, emphasizing that hundreds of thousands of jobs in the country rely on Russian goods. He highlighted the potential repercussions for consumers in G7 nations, including the EU, while stressing India's significant stake in the matter.

Prime Minister Narendra Modi has engaged with Alexander de Croo, the Belgian Prime Minister holding the EU presidency, regarding the sanctions. Additionally, Union Commerce Minister Piyush Goyal will further pursue the issue.

The sanctions, which came into effect on March 1st, target Russian diamonds of one carat or larger, covering all goods regardless of whether they've been cut and polished. Unlike previous US restrictions, these sanctions do not permit the import of Russian goods processed elsewhere.

Diamond World