EU adopts new sanctions against Russia, focusing on diamonds

The package centres on a Russian-origin diamond import ban as well as imposing additional import and export bans on Russia

The package also tightens compliance rules for those buying Russian oil via the G7 price cap mechanism

Reading Time:2 minutes

A machine scans a rough diamond Alrosa diamond factory in Moscow, Russia. Photo: Reuters

Published: 1:50am, 19 Dec 2023Updated: 5:18am, 19 Dec 2023

The European Union Council has adopted a 12th package of sanctions against Russia, the European Commission said in a statement on Monday, after Austria gave its final approval over the weekend.

The package focuses on a Russian-origin diamond import ban as well as imposing additional import and export bans on Russia, combating sanctions circumvention and closing loopholes, it said.

The ban on direct non-industrial diamond purchases from Russia will start on January 1 followed by a phased ban on indirect imports to be completed by September 1.

The diamond ban will be done in coordination with the Group of Seven countries (G7), which announced a similar ban earlier this month. The global natural diamond jewellery business is worth US$87 billion.

Russian diamond producer Alrosa declined to comment on the 12th EU sanctions package.

Russia’s diplomatic mission to the EU said the new EU sanctions showed that punitive measures against Moscow had failed.

“The Russian economy is not ‘torn to shreds’, attempts to isolate us on the international stage, including the Brussels platform, have failed miserably, the goal of ‘inflicting a strategic defeat’ has not been achieved,” the mission said in a statement posted online.

Russia’s Foreign Ministry in Moscow issued no statement, saying only that a response to the sanctions would be forthcoming.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x