EU is preparing to hit one of Russia's main sources of income: media learned all the details
The European Commission (EC) has approved a proposal to ban the sale of diamonds from Russia, which could have a very negative impact on its economy. The Ru now intends to send it to the EU member states for approval. The decision is expected to be made in the coming days.
This was reported by AFP. They noted that according to available information, the EC intends to ban trade of:
- diamonds originating or exported from Russia;
- Russian diamonds cut and polished in third countries.
It is emphasized that the ban is planned to be introduced in stages. Thus, from January 1, 2024, it will apply to:
- non-industrial natural and synthetic diamonds;
- diamond jewelry.
The ban on imports of Russian diamonds cut or polished in third countries will be introduced later in stages as well: from March to September 2024.
"The phased implementation... takes into account the need to introduce an appropriate tracking mechanism. This will ensure the effectiveness of the restrictions and minimize the negative consequences for market participants," the draft ban says, according to analysts.
A serious blow to Russia
The imposition of sanctions against Russian diamonds could cause significant damage to Russia. The fact is that, according to The New York Times, this country is the world's largest supplier of small diamonds.
Thus, in 2021, this gem accounted for more than $4.5 billion of Russian exports. This makes diamonds one of the main sources of non-energy revenues for the Russian Federation.
As reported by OBOZ.UA, meanwhile, President of Ukraine Volodymyr Zelenskyy imposed sanctions against more than 300 legal entities and about 150 individuals from Russia and other countries. In particular, a number of energy companies were subject to restrictions.