Reuters: US cools on G7 ban on Russian diamonds

The United States is reconsidering the harshest elements of the ban on the import of Russian diamonds into the Group of Seven countries after African countries, Indian gem polishers, and New York jewelers opposed it.

Reuters reports this with reference to seven sources.

The package of sanctions, which was agreed in December and includes a ban throughout the European Union, is one of the biggest shocks to the industry in decades.

Two sources familiar with the talks said the Americans have pulled out of G7 working groups on tightening, with one describing U.S. representatives as “present but not participating.”

A senior Biden administration official said Washington had not changed its position and that the United States would continue to work with the G7.

“We want to make sure that we strike the right balance between hurting Russia and making sure that everything is doable,” said the official, who declined to be identified because he was not authorized to speak publicly about the talks.

Author - Olena Madiak, 17/05/2024