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G7 leaders face dilemma over UK's Russian diamond ban
Updated 22:49, 20-May-2023
Charlotte Parsons
00:57

Diamonds aren't forever. And Russian diamonds shouldn't be anyone's best friend.

That was the message from Britain's prime minister Rishi Sunak, as he unveiled plans to ban the gems from his country.

Sunak said he wanted to make sure the Kremlin "pays a price" for the war in Ukraine, and that he hoped other countries would follow his example.

Diamonds are one of Russia's top 10 non-energy exports by value.
Diamonds are one of Russia's top 10 non-energy exports by value.

Diamonds are one of Russia's top 10 non-energy exports by value.

 

FACTS

Russia is the world's eighth-largest diamonds exporter.

The EU imported around $1.5 billion of Russian diamonds in 2022.

Britain imported $4.1 million worth of diamonds from Russia in 2022.

 

Pressure on the EU

The move, made hours before the start of the G7 summit in Japan, piles pressure on the European Union to do the same - opening up a potential split among Western countries over how to handle Russia's diamond trade.

The EU has yet to put sanctions on the diamonds, amid fears an embargo would damage the Belgian city of Antwerp, the main destination for Russian gems.

Russia lists diamonds as one of its top 10 non-energy exports by value, totalling more than $4.5 billion in 2021. The country is, by volume, the world's "greatest producer and exporter of rough diamonds," according to the Diamond Registry.

Group of Seven countries have agreed to work together to track Russian diamonds, but stopped short of hitting Moscow with an outright ban.

That is unlikely to satisfy Ukraine President Volodymyr Zelenskyy, who has accused Belgium of valuing Russian diamonds over peace.

G7 leaders face dilemma over UK's Russian diamond ban

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Source(s): Reuters

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