G7 Countries Agree To Ban Imports Of Russian Diamonds

The date has been announced.

The G7 countries have agreed to ban imports of Russian diamonds. This is announced in a statement following an online meeting of leaders, which took place on Wednesday.

The restrictions will be phased in from January 1, 2024.

"We will impose import restrictions on non-industrial diamonds mined, processed or produced in Russia by January 1, 2024. This will be followed by phased restrictions on imports of Russian diamonds processed in third countries. The tentative start date of these restrictions is March 1, 2024. To strengthen the effectiveness of these measures, those G7 countries that import a lot of rough diamonds will introduce a strong system of tracking and certification of such diamonds within the G7. This will be done by September 1, 2024," the statement said.

The G7 countries also pledged to update sanctions against Russia and fight their circumvention. They will also continue to consider all possible options to help Ukraine receive compensation from Russia.

Canada's Foreign Ministry has already officially announced restrictions on Russian diamond imports. The statement noted that Canadian imports for these items totalled $4.1 million in 2021. Last year, the country had already imposed sanctions on Alrosa, which had already reduced imports to a minimum.