OFSI updates Russian diamond import guidance

The UK Office of Financial Sanctions Implementation (‘OFSI’) has updated its guidance with regard to imports of Russian diamonds.

It now states that, under provision 46Z16R,

‘A licence may be granted for the import of certain Russian diamonds processed in third countries if it relates to the execution of obligations arising from contracts concluded before 1 March 2024 for diamonds larger than or equal to 1 carat in weight. A licence may also be granted for the import of certain Russian diamonds processed in third countries if it relates to the execution of obligations arising from contracts concluded before 1 September 2024 for diamonds larger than or equal to 0.5 carats and smaller than 1 carat.’

See more guidance at: https://www.gov.uk/government/publications/notice-to-importers-2953-russia-import-sanctions/guidance-on-third-country-processed-russian-diamonds-measures