The European Commission approved sanctions on diamond shipments from Moscow
ℹ️ The export of diamonds from Moscow for 2022 amounted to $3.8 billion. The amount is not as significant as the equivalent from the sale of energy carriers ($380 billion), but it is also large. 29% of the world's diamonds are mined in Russia, making the ban vital. For a long time, the EU could not agree to a ban on imports due to the position of Belgium, which was against it, arguing that better methods of banning and tracking should be developed. However, the sanctions have now been imposed with the assistance of the G7 countries.
❗️ According to the document of the European Commission, the ban will be imposed on trade in diamonds originating from Russia (effective from January 1, 2024), transported in transit or exported from Russia, as well as on diamonds processed in third countries and diamond jewelry (will enter into force from March to September 2024).
🧐 Diamonds are also very difficult to track due to their small size: they can be mixed with other goods or secretly transit through third countries. Currently, with the introduction of the ban, it is hoped that, according to the project, the ban will allow: "to introduce a diamond tracking mechanism to effectively respond to violations and minimize the work of market participants."
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