Europe and US to take on Russian diamond trade
The US and EU are to focus new efforts on disrupting Russian revenue from the diamond trade, according to a briefing published 6 March by the US Department of State.
The Department said that the US Special Envoy for Conflict Diamonds, James O’Brien, and the European Union’s Chief Trade Officer, Denis Redonnet, had met with leading diamond retailers, manufacturers, laboratories, and industry trade associations from the US and Europe to discuss how revenues from diamonds are helping fund Russia’s war in Ukraine.
‘Russia continues to earn billions of dollars from the diamond trade, and the discussion centred 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,’ State said.
On 25 February, the EU adopted its tenth package of sanctions against Russia, with the diamond industry excluded from the new strictures. EU Member State Belgium had argued that any sanctions on diamonds would disproportionately affect its economy.
