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Canada tightens sanctions against Russian diamonds

Mar 1, 2024

On March 1, Canadian Foreign Minister Melanie Joly announced that sanctions against Russian diamonds would be strengthened with partners from the Group of Seven.

This was reported by Yevropeiska Pravda.

According to the Canadian government, Canada is introducing additional restrictions on the import of Russian diamonds and jewelry from Russia, which apply to jewelry weighing 1 carat or more.


This step is in line with the commitment made by G7 leaders in February, May, and December 2023 to "limit the Putin regime's revenue from the export of non-commercial diamonds from Russia," it added.

The Government of Canada notes that Russia is the world's largest producer of rough diamonds, with production estimated at more than $4.7 billion in 2022.

The Russian Federation is also a significant global exporter of diamonds and diamond products, with the value of its total exports exceeding approximately $5.2 billion in the same year of 2022.

Author - Olena Madiak, 01/03/2024

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