On Friday, the United Kingdom revealed fresh sanctions against Russia, with a focus on restricting the importation of diamonds and other minerals. The objective is to limit Moscow’s capacity to finance the ongoing conflict in Ukraine.
Prior to the commencement of the G7 summit in Japan, the city of London announced its intention to implement a prohibition on the importation of Russian diamonds, copper, aluminium, and nickel. Additionally, London plans to impose sanctions on further entities that are involved in Moscow’s “military industrial complex”.
The diamond industry in Russia is reportedly valued at $4-5 billion annually, generating significant tax revenues for the Kremlin.
In a subsequent announcement, the UK Foreign Office declared that the recently imposed sanctions would result in the freezing of assets belonging to 86 individuals and organizations.
According to the statement, the entities in question are those associated with the misappropriation of Ukrainian grain, as well as those engaged in the transportation of Russian energy.
The upcoming sanctions will additionally focus on advanced military technology and residual revenue streams.
The upcoming summit in Hiroshima is anticipated to result in a sequence of fresh sanctions on Russia. These measures will include actions taken by the United States, which will entail the inclusion of 70 additional Russian and foreign entities on a trade blacklist.
In a recent interview with Sky News, UK Prime Minister Rishi Sunak conveyed a clear and concise message to Russian President Vladimir Putin, stating that the United Kingdom is resolute in its stance and will not be deterred. Sunak’s words were straightforward and direct, leaving no room for ambiguity.
The speaker stated that he has been engaging in discussions with his counterparts regarding the establishment of extended security agreements aimed at deterring potential Russian aggression against Ukraine in the future.
The G7 is anticipated to collectively strive towards enhancing current sanctions, eliminating any loopholes, restricting Moscow’s entry to the global financial system, and pledging to maintain the freezing of Russian assets until the conclusion of the Ukrainian conflict.
During a press conference on Friday, Charles Michel, the President of the European Council, announced that the European Union plans to focus on the profitable market of Russian diamonds. Michel made a lighthearted comment, stating that these diamonds, contrary to popular belief, are not forever.
Belgium, a member of the European Union, is one of the foremost purchasers of Russian diamonds in the wholesale market, alongside the United Arab Emirates and India.
The finished product finds a significant end-market in the United States.