UK announces new Russia sanctions, including diamond ban | Inquirer Business

UK announces new Russia sanctions, including diamond ban

/ 08:57 AM May 19, 2023

HIROSHIMA, Japan  -Britain unveiled new sanctions against Russia’s minerals sector Friday, targeting imports of aluminum, diamonds, copper and nickel in a bid to choke Moscow’s ability to fund the war in Ukraine.

Ahead of a G7 summit in Hiroshima, Japan, London said it would introduce “a ban on Russian diamonds” and target more entities involved in “(Vladimir) Putin’s military industrial complex.”

Russia’s diamond trade is estimated to be worth $4-5 billion a year, netting the Kremlin much-needed tax revenues.

Article continues after this advertisement

The summit in Hiroshima is expected to bring a series of new sanctions on Russia, including US measures that will put 70 more Russian and foreign entities on a trade blacklist.

FEATURED STORIES

“There will be upwards of 300 new sanctions against individuals, entities, vessels and aircraft,” a senior US administration official said.

The G7 as a whole is expected to work to tighten existing sanctions, close loopholes, squeeze Moscow’s access to the international financial system and commit to keeping Russian assets frozen until the end of the war in Ukraine.

Article continues after this advertisement

On Thursday, a European Union official said one potential target for discussion was Russia’s multi-billion-dollar diamond industry.

Article continues after this advertisement

“We believe we need to limit exports from Russian trade in this sector,” the official said.

Article continues after this advertisement

EU member Belgium is among the largest wholesale buyers of Russian diamonds, along with India and the United Arab Emirates.

The United States is a major end-market for the finished product.

Article continues after this advertisement

“As today’s sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia and steadfast in our support for Ukraine,” said Prime Minister Rishi Sunak.

READ:

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

https://business.inquirer.net/400938/g7-leaders-to-target-russian-energy-trade-in-new-sanctions-steps-sources

TAGS: Britain, G7, Russia, sanctions, Trade

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.