nov 16, 2023 - EU Plans Sanctions against Russia

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At the centre of the proposals, which will still need to be approved by EU leaders at their next summit in December, are moves aimed at choking off Russia’s commercial revenues. These include a total ban on the sale within the bloc of Russian rough diamonds and jewellery using gems from the country’s Siberian mines.

This could remove more than €4.5bn (£3.8bn) a year from Kremlin coffers, the EU says.

A ban has been in the works since last year but only became a reality after Belgium, the home to the global diamond hub Antwerp, removed its objections in the summer and the G7 agreed to sanctions being imposed during a summit in Japan.

“The ban of Russian diamonds is part of a G7 effort to develop an international coordinated diamond ban that aims to deprive Russia of this important revenue source,” says the proposal by the commission, seen by the Guardian.

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