As part of the 12th package of sanctions against Moscow, the European Commission will ban trade in diamonds originating from Russia and in Russian diamonds cut and polished in third countries.
The European Commission has approved a proposal to ban the sale of Russian diamonds and has submitted it to EU member states, according to AFP news agency, which could see the document.
The sanctions will apply to diamonds mined in Russia, exported from Russia or transported in transit, as well as diamonds processed in third countries and diamond jewelry.
The ban on imports of Russian diamonds cut or polished in third countries will be introduced in stages from March to September 2024.
Starting from January 1, 2024, the ban will apply to “non-industrial natural and synthetic diamonds, as well as diamond jewelry.”
“This phased introduction … takes into account the need to deploy an appropriate traceability mechanism that enables effective measures and minimizes disruption to market participants,” the European Commission document says.
Earlier it was reported that the proposals, which are yet to be approved by EU leaders at the next EU summit in December, are centered on steps aimed at limiting Russia’s commercial revenues. They include a complete ban on the sale of Russian rough diamonds and jewelry using gems from the country’s Siberian mines within the European Union.
On November 15, the European Union’s top diplomat, Josep Borrell, together with the European Commission, presented a proposal for the 12th package of sanctions against Russia to the member states.
Discussions on new sanctions moved forward after the Group of Seven foreign ministers gave the green light to impose restrictions on diamonds of Russian origin at a summit in Japan.