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Trade Trends News
07-12-2023
Canadian Foreign Affairs Minister Melanie Joly announced on December 6, in coordination with other Group of Seven (G7) countries, a ban on direct imports of Russian diamonds and related products.
Media reports indicate that the entire G7 agreed to ban Russian diamonds as of January 1 in an effort to cut off this lucrative source of revenue during a full-scale invasion of Ukraine.
Jolly said, "Working with our G7 partners to implement this ban sends a clear message to Russia that we will not tolerate the use of Russian diamond revenues to fund the war."
The announcement did not specify an effective date for the measure. The press office of Canada's Department of Foreign Affairs did not immediately respond to a request for comment.
Russia is the world's largest producer of diamonds, earning more than $3.9 billion in diamond sales last year.The G7 countries account for about 70 percent of the world's diamond market.
Canada's foreign minister added: "We call on President Putin to immediately end this unjustified war of aggression against Ukraine and we will continue to stand with the Ukrainian people."
The ban on Russian diamond sales will also reportedly be included in the EU's upcoming 12th sanctions program.
The measure is intended to target all areas of the Russian diamond trade. If approved, it will come into force on January 1st.
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