G7 announces sanctions on Russian diamonds

G7 announces sanctions on Russian diamonds

Group of Seven (G7) leaders held a video summit with Ukrainian President Volodymyr Zelenskyy in Paris.
Volodymyr Zelenskyy, Paris. On December 6, the leaders of the U.S., U.K., Japan, France, Germany, Italy, and Canada issued a joint statement announcing sanctions against Russia's diamond industry, which will prohibit the import of Russian non-industrial diamonds starting in January 2024, and imports of Russian diamonds processed in third countries starting in March of the same year. The Group of Seven reaffirmed its strong support for Ukraine and pledged to continue to provide Ukraine with the necessary assistance and to support its rehabilitation and reconstruction. Russia is the world's largest producer of diamonds, accounting for one-third of the world's production, and diamond sales in 2022 will total more than $3.9 billion.