The European Union (EU) will restrict trade in Russian diamonds as part of sanctions imposed over Russia’s invasion of Ukraine, European Council President Charles Michel announced Friday.
“We are now focused on closing the loopholes and continuing to cut Russia off from critical supplies. We will restrict trade in Russian diamonds. Russian diamonds are not forever,” Michel said during a press conference at the G7 summit in Hiroshima, Japan.
Exports of Russian diamonds earned Moscow USD four billion in 2021. Belgium is one of the largest importers of Russian diamonds.
Antwerp is Europe’s main trading centre, with around 85 percent of the world’s rough diamonds, half of its polished diamonds and 40 percent of its industrial diamonds passing through the Belgian port city. Almost a third of these comes from Russia, Belgian news agency Belga reported on Friday.
So far, the diamond industry had managed to stay out of the sanctions packages introduced by the European Union following the start of Russia’s war in Ukraine. For months, Belgium opposed a unanimous position on such an import ban.
On Wednesday, Belgium finally adopted a resolution to ban Russian diamonds.
Source: Kuwait News Agency