London announces new sanctions against Moscow targeting diamonds in particular

The United Kingdom on Friday announced new sanctions against Russia’s mining sector, targeting imports of aluminum, diamonds, copper and nickel, in a bid to restrict Moscow’s ability to finance its war in Ukraine.

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“As the sanctions announced today show, the G7 remains united in the face of the threat from Russia and firm in its support for Ukraine,” British Prime Minister Rishi Sunak said on the sidelines of the major leaders’ summit. industrialized, which opens Friday in Hiroshima (western Japan).

Russia exported diamonds worth an estimated $4-5 billion in 2021.

G7 heads of state and government are expected to discuss a series of new sanctions against Russia, including US moves to place 70 additional Russian and foreign entities on a US trade blacklist .

The leaders, meeting in Hiroshima until Sunday, should also strive to strengthen existing sanctions and fight against their circumvention, to restrict Moscow’s access to the international financial system and to commit to freezing Russian assets until at the end of the war in Ukraine.

On Thursday, a European Union official indicated that the G7 leaders would discuss sanctions in the diamond sector, saying: “We believe that Russian exports in this sector should be limited”.

The United Arab Emirates, India and Belgium, which is a member of the EU, are among the main importers of diamonds. The United States is also an important market for finished products.

“As the sanctions announced today show, the G7 remains united in the face of the threat from Russia and firm in its support for Ukraine,” Sunak said.

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