G7 to ban direct supplies of Russian diamonds

U.S. President Joe Biden and the leaders of the Group of Seven (G7) countries agreed to a ban on Russian diamonds.

This was reported by RBC-Ukraine regarding a joint statement by the G7 leaders.

Western countries have finally agreed to impose sanctions on diamonds from Russia. The ban on imports will come into force on January 1, 2024, followed by a gradual embargo on the circulation of stones over the year.

According to the new measures, countries will ban non-core diamonds from Russia by January, and Russian diamonds sold by third countries - from March.

According to the newspaper, the G7 leaders also plan to tighten control over Russia's use of the international financial system and impose more sanctions to ensure that the price of Russian oil is limited.

Author - Serhii Kolomiets, 07/12/2023