EU ‘Very Close’ to Finalising Russian Diamond Ban, Says Belgian PM

Western international locations are “very shut” to finalising a ban on Russian diamonds from retail markets in international locations which might be already sanctioning Kremlin belongings, the Belgian prime minister has mentioned.

In a transfer that can reduce off one other important income for Vladimir Putin in his struggle towards Ukraine, Alexander de Croo mentioned a year-long try by the European Union and G7 international locations to reliably hint diamonds coming from Russia was virtually full.

Talking at a joint press convention with Volodymyr Zelenskiy, who made a shock go to to the Nato headquarters in Brussels on Wednesday, De Croo mentioned the goal was for the ban on “blood diamonds” to come back into pressure on 1 January 2024.

Belgian backing for the embargo is vital, as an estimated 90 p.c of the world’s diamonds move by means of the port metropolis of Antwerp. The federal government has confronted business stress to not again a ban, with warnings from producers that any sanctions would simply divert the dear commerce from Antwerp to Dubai.

De Croo mentioned: “As you understand Belgium performs an necessary position within the diamond commerce. And what you need is to chop off Russian dominance fully from our retail markets.

“The easiest way to try this is with the complete traceability system to exclude Russian diamonds from all of the markets. We’re doing [this] along with the EU and the G7 and we’re very near finalising such a full traceability system.”

Efforts to thwart the diamond provide have been complicated resulting from Russia’s potential to bypass sanctions. Whereas the EU sanctions listing has grown to cowl Russian coal, gold and caviar, diamonds have continued to be imported.

However western leaders have been making a concerted effort to work collectively on a worldwide prohibition of the sale of Russian diamonds to make sure they don’t find yourself in outlets through the backdoor.

Consultants from the G7 and Belgium mentioned the potential embargo on the importation of Russian-mined diamonds on the G7 summit in India lately. A few third of the world’s diamond provide, estimated to be price about €4.5bn (£3.8bn), comes from Siberian quarries. Earlier than the invasion of Ukraine, 25 p.c of tough diamonds passing by means of Antwerp got here from Russia.

By Lisa O’Carroll

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