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The European Union bans diamond trade with Russia

2023-12-18 17:54:27Kosova&Bota SHKRUAR NGA REDAKSIA VOX
The European Union bans diamond trade with Russia
Diamonds / Illustrative photo

The European Union agreed on Monday to hit Russia with a new round of sanctions that includes a ban on diamonds, a major source of income for the Kremlin that has so far remained untouched.

Starting January 1, the bloc's 27 member states will no longer be allowed to buy natural and synthetic diamonds, as well as diamond jewelry, coming directly from Russia, unless these are intended for industrial purposes.

From March 1, the import ban will begin to cover diamonds and jewelry of Russian origin that have been cut and polished in other countries. This indirect ban will be gradually implemented until September 1, when a traceability system is expected to be put in place internationally.

The sanctions, the 12th since February 2022, also aim to close loopholes that have exceeded the price ceiling for Russian oil, which the G7 had set at $60 a barrel.

Moscow in recent months has sold its oil well above the limit to lesser-known trading firms, easily circumventing trade restrictions the West thought it had under control.

In addition, the package blacklists 29 companies, including non-Russian ones, that are suspected of helping the Kremlin obtain EU goods. The names of these companies were not made public.

In a new attempt to crack down on the ongoing problem of sanctions evasion, European manufacturers of sensitive technology will have to comply with a contractual clause that explicitly prohibits their goods from being re-exported to Russia.

"We continue to stand with Ukraine, in every way," said European Commission President Ursula von der Leyen, as she announced the sanctions.


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