THE European Union wants to limit its trade in Russian diamonds in solidarity with Ukraine.
“We will restrict trade in Russian diamonds. Russian diamonds are not forever,” according to Charles Michel, President of the European Council.
Michel also said the next round of sanctions is still being discussed and that the EU is focused on shutting the door on loopholes and continuing to cut Russia off from critical supplies.
However, he did not give direct answers on whether Belgium had given its final approval to toughen its sanctions against the trade of Russian diamonds.
It can be noted that Belgium has emerged as a main opponent of introducing unilateral EU sanctions against diamonds in Russia.
The Belgian government fears that if such restrictions are not applied globally, then the exports of Russian diamonds will go to other countries.
In February, a Politico newspaper reported that Belgium blocked the ban on Russian diamond exports as it fears losing its diamond business without causing any damage to Russia, as Moscow’s diamond exports would be redirected to India and Middle Eastern countries instead.
Russia’s Kremlin, meanwhile, believes that it’s too early to comment on the EU’s intention to restrict the Russian diamond trade.
In response to the EU restrictions on Russian diamonds, Kremlin spokesman Dmitry Peskov on Friday said,
“Let’s wait for decisions. As the practice with other goods and products shows, if they stop buying them in one place, they’ll start buying them in other places. There are no gaps here; world markets are mobile and offer a wealth of alternative options.”
On the other hand, the United Kingdom has announced a ban on importing Russian diamonds as well as other types of metal, including copper, aluminum, and nickel.
The British government also announced a ban on sanctions on 86 individuals and companies allegedly linked to Russia’s military-industrial complex.
Alongside these trade measures, the government is also preparing new individual designations – targeting an additional 86 people and companies from Putin’s military-industrial complex, and those involved in key revenue streams such as energy, metals, and shipping.
The UK claimed to have implemented the most severe package of sanctions ever imposed on a major economy to undermine the war efforts of Russia.
According to the British government, it has sanctioned over 1,500 individuals and entities, freezing more than 18 billion pounds of assets in the UK, and sanctioned over 20 billion pounds of UK-Russia goods trade.
