European Union (EU) Member States have agreed on a new round of sanctions against Russia, including a diamond ban.
The EU plans to ban the importation of raw diamonds from Russia from January, and to begin phased import restrictions in March on Russian diamonds processed in third countries. By September, a traceability system is slated for implementation to determine the origin of diamonds.
Belgium has led the development of this tracing system in recent months. Initially, it had expressed doubts about an import ban, fearing Russian diamonds could still reach Western markets via third countries. The tracing system should eliminate this concern.
Member States were close to an agreement in the past few days, with everyone waiting on Austria, which had registered reservations. These have been withdrawn, according to diplomatic sources.
While the decision still requires formalisation, EU leaders at the summit in Brussels welcomed the “approval” of this package in their final conclusions on the Ukraine conflict.
The package also features measures to strengthen the price ceiling on trade in Russian oil.
These actions, along with the diamond ban, are to be coordinated within the G7 framework.
Lastly, the EU is adding just over 100 individuals and organisations to its sanctions list, and devising additional measures to prevent the circumventing of previous sanctions.
Since the Russian invasion of Ukraine in February 2022, the EU has approved twelve packages of sanctions.
