G7 members announce sanctions on Russia’s diamonds to cut its revenues

The G7 countries have agreed to cooperate to track Russian diamonds but have not implemented a direct ban on the import of Russian gems, the joint statement says.

The G7 countries emphasized they will continue to limit Russia's access to their economies and will expand their actions to limit the export of all items, technologies, industrial equipment, and services critical to the military vehicles.

The G7 states promised to work together in order to "restrict trade in and use of the diamonds mined, processed or produced in Russia" and to coordinate future "restricting measures, including through tracking technologies."

Those familiar with the discussions held at the summit believe that making a step towards tracking the movement of Russian diamonds through the borders can pave the way for a ban on their import in the future

Previous attempts to impose sanctions on Russian gems in Europe were confronted by such importer countries as Belgium, which argued that such measures would only transfer trade to other locations.

Last year, Russia supplied the Western market with US$1.5 billion worth of diamonds. Belgium buyers make up 95% of this sum, as the world's largest diamond hub is located in Belgium.

On May 19, a three-day G7 summit began in Japan, where the leaders of the participating countries discuss the situation in Ukraine, nuclear disarmament, regional affairs, the world economy, as well as global issues such as climate change, health, and development.

Representatives of the EU also attend the summit. Ukraine's president Volodymyr Zelensky will take part in the meeting.