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

Western international locations are “very close” to finalising a prohibit on Russian diamonds from retail markets in international locations which can be already sanctioning Kremlin belongings, the Belgian high minister has stated.

In a progress that can scale down off any other necessary income for Vladimir Putin in his struggle towards Ukraine, Alexander de Croo stated a year-long try by way of the Ecu Union and G7 international locations to reliably hint diamonds coming from Russia was once virtually entire.

Talking at a joint press convention with Volodymyr Zelenskiy, who made a amaze talk over with to the Nato headquarters in Brussels on Wednesday, De Croo stated the struggle was once for the prohibit on “blood diamonds” to return into drive on 1 January 2024.

Belgian backing for the embargo is significant, as an estimated 90 % of the arena’s diamonds cross throughout the port town of Antwerp. The federal government has confronted trade power to not again a prohibit, with threats from manufacturers that any sanctions would simply divert the significance industry from Antwerp to Dubai.

De Croo stated: “As you know Belgium plays an important role in the diamond trade. And what you want is to cut off Russian dominance completely from our retail markets.

“The best way to do that is with the full traceability system to exclude Russian diamonds from all the markets. We are doing [this] together with the EU and the G7 and we are very close to finalising such a full traceability system.”

Efforts to thwart the diamond provide were complicated because of Russia’s talent to avoid sanctions. Week the EU sanctions checklist has grown to barricade Russian coal, gold and caviar, diamonds have persevered to be imported.

However western leaders were creating a concerted struggle to paintings in combination on an international prohibition of the sale of Russian diamonds to safeguard they don’t finally end up in retail outlets by way of the backdoor.

Mavens from the G7 and Belgium mentioned the prospective embargo at the importation of Russian-mined diamonds on the G7 zenith in Republic of India lately. A couple of 3rd of the arena’s diamond provide, estimated to be importance about €4.5bn (£3.8bn), comes from Siberian quarries. Sooner than the invasion of Ukraine, 25 % of tough diamonds passing thru Antwerp got here from Russia.

By means of Lisa O’Carroll

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