Media say new EU sanctions against Russia will target diamond industry but depend on outcomes of G7 talks

The 12th European Union (EU) sanctions package against Russia will target the Russian diamond trade; this is currently being discussed between the members of the Group of Seven (G7).

Source: EUobserver, citing a diplomatic source in Brussels, as reported by European Pravda

Details: A source in Brussels told EUobserver that the EU is waiting on the G7 decision regarding imposing restrictions on Russian diamond trade "in the very coming days".

"The system has been ready for a few weeks and now what we're waiting for is the final G7 declaration to put it into words and confirm the will of the G7 to work with this system," the source added.

Background:

• The EU commission is set to start talks on the 12th package of sanctions against Russia with EU member-states this weekend or early next week.
• Dmytro Kuleba, Ukraine’s Minister of Foreign Affairs, has previously expressed the wish that this package should include measures against the circumvention of existing sanctions, as well as new sanctions against the Russian defence industry.
• The G7-ban and its traceability protocols were crafted together with Belgium, which hosts the world’s biggest diamond-trading centre in Antwerp, and the European Commission.
• It is estimated that diamond exports bring Russia the revenue of €4 billion a year.
• Over the course of this week, the G7 countries held talks regarding the ways to trace the provenance of diamonds, with traceability being critical to imposing sanctions on diamonds.

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