The G7 countries agreed to limit the export of diamonds from Russia

Author:
Sofiia Telishevska
Date:

The G7 countries have reached an agreement on limiting the export of diamonds from the Russian Federation, according to a joint statement of the G7 leaders.

"To reduce the revenue that Russia receives from diamond exports, we will continue to work closely to limit the trade and use of diamonds mined, processed or produced in the Russian Federation, and we will work with key partners to effectively implement future coordinated restrictive measures, including through the use of tracking technologies ", the statement reads.

In the EU, trade in Russian diamonds has already fallen by about 80% due to voluntary commitments. But the EU has not yet introduced official restrictions on Russian diamonds, partly due to Belgian resistance.

Russia is the worldʼs largest producer of diamonds. Trade in precious stones is an important industry and a significant source of income for the Russian Federation.