G7 decides on new sanctions against Russia

Lobbyists for the Antwerp (Belgium) diamond industry – the world’s largest producer of rough diamonds – argue that losing imports from Russia – the world’s largest source of rough diamonds – would lead to a 30% drop in their turnover and threaten 10,000 direct jobs. According to Belgian representatives, other global destinations such as Dubai (United Arab Emirates) or Bombay (India), which do not use containment measures, will benefit from this. In total, Russia has exported between 4 billion and 5 billion dollars worth of diamonds in 2021, according to Agence France-Presse.

Until then, Russian diamonds had escaped sanctions: Belgium had always opposed it, arguing that such a move would “Doesn’t Make Economic Sense”Because she is “Penalties shall be imposed on the Member State concerned” – ie himself -, while Russia “Can[it] Always sell your diamonds elsewhere”. Ukrainian President Volodymyr Zelensky appealed to Belgian parliamentarians in March 2022. “Peace is more important than Russian diamonds sold in Antwerp. Help us! »He pleaded.

But last night the United Kingdom announced new sanctions targeting the Russian mining sector, including diamonds, aluminium, copper and nickel in a bid to curb Moscow’s ability to fund its war in Ukraine. As for the European Union, it announced this morning “To control the trade in Russian diamonds” In the voice of Charles Michel, President of the European Council, at the G7 Summit in Hiroshima, Japan, “Russian diamonds don’t last forever”. The G7 countries (Canada, USA, Japan, United Kingdom, France, Germany, Italy) and the European Union represent about 70% of the global diamond market.