The European Union (EU) has put forward a proposal to ban the import of Russian diamonds and liquefied petroleum gases as part of new sanctions in response to the ongoing conflict in Ukraine. The ban would need unanimous approval from all EU countries in order to be implemented.
This is not the first time that the EU has imposed sanctions on Russia since the invasion of Ukraine in February 2022. In fact, the bloc has already imposed 11 rounds of sanctions, including targeting Russia’s oil and gas exports. While these measures have had some impact on Russia’s economy, they have not completely crippled it. The Kremlin has still managed to significantly increase its military spending.
The objective of these latest sanctions is to further cut off funding to Russia’s war efforts by targeting its diamond exports. Russia’s diamond industry is valued at approximately $4 billion per year, making it a lucrative source of income for the country prior to the conflict. The proposed ban would cover both natural and synthetic diamonds, as well as diamond jewelry. It is set to take effect from the beginning of 2024, with Russian diamonds processed in third countries being included from September of next year.
The ban on Russian diamonds is part of a wider plan by the G7 to establish a tracking system for precious stones originating from Russia. Belgium, home to the world’s largest diamond trading market, had previously been blocking a ban on Russian diamonds until this tracing system was in place. There were concerns that without such a system, diamond trading would simply shift to other locations.
Additionally, the new sanctions package includes a ban on the import of Russian liquefied petroleum gases, specifically propane and butane, which are commonly used in heating appliances and cooking equipment. Furthermore, the European Commission is proposing measures to make it more difficult for Russia to bypass a G7 oil price cap. This would involve improved monitoring of secretive transfers at sea and placing greater obstacles in the way of tankers transporting Russian crude.
EU Foreign Policy Chief, Josep Borrell, confirmed that the proposal was submitted to EU member states on Tuesday. In addition to the ban on diamond imports and liquefied petroleum gases, the EU is pushing for the inclusion of 120 individuals and entities on a visa ban and asset freeze blacklist. This list would encompass individuals from the Russian military, defense, and IT sectors, as well as those involved in the forced “re-education” of Ukrainian children, the organization of “so-called elections” in Russian-occupied areas, and propagandists.
Discussions on these proposed sanctions will begin on Friday, as ambassadors from EU member states meet to consider the measures. Ultimately, the sanctions will require the unanimous approval of all EU countries in order to be enforced.
For more information on the proposed ban on Russian diamond imports, you can visit this link: .
To learn more about the EU’s efforts to establish a tracing system for precious stones from Russia, you can find additional details here: .
