G7 announcement on Russian diamond ban expected by end Oct.- sources

A view shows polished colorless and yellow diamonds produced at “Diamonds of ALROSA” factory in Moscow, Russia April 30, 2021. REUTERS/Tatyana Makeyeva/File photo

BRUSSELS  – A G7 statement announcing a ban on imports of Russian diamonds is expected by the end of this month, followed closely by a proposal for the European Union’s 12th package of sanctions on Russia, diplomatic sources said.

“We now need the final blessing of the G7 before then translating these elements in legal texts at the European level,” an EU diplomat said.

A second source said the statement was expected to arrive within a week. The EU’s 12th sanctions package is expected to focus on Russian diamonds.

The G7 held a technical meeting last week to discuss several proposals put forward by India, industry groups and Belgium.

“Canada and G7 members are engaged with industry and government representatives on proposals aimed at addressing traceability and enforcement-related issues,” a global affairs spokesperson for Canada said this week.

France’s foreign ministry said “discussions are being held at the technical level between the members of the G7 with Belgium, in conjunction with economic players in the diamond sectors.”