United States and the European Union are working on sanctions against Russia’s diamond industry

The US Department of State noted on March 6, 2023, that representatives of the government of the United States and the leadership of the European Union held a meeting with the heads of diamond industry and trade companies regarding the introduction of effective restrictions against the diamond industry of the Russian Federation.

Source: The US Department of State

“Today, Ambassador James O’Brien [the head of the Office of Sanctions Coordination in the USA – ed.] joined Deputy Director General and Chief Trade Enforcement Officer Denis Redonnet of the European Commission to discuss with the U.S. and European offices of leading diamond retailers, manufacturers, laboratories, and industry trade associations the importance of the diamond industry’s engagement on future Russia-related import measures, including on polished diamonds,” noted the US Department of State.

At the same time, it is clarified that this issue was highlighted, in particular, in the recent statement of the G7 leaders because Russia continues to earn billions of dollars from the diamond trade.

“The discussion centered on the most effective and impactful ways to disrupt that revenue stream. The United States and European Union remain committed to imposing economic consequences on Russia for its unprovoked war in Ukraine,” added the US Department of State.

See also: European Union approved the 10th package of sanctions against Russia

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