EU sanctions Russian diamonds

RUSSIA / FSU POLITICS - In Brief 19 Dec 2023 by Alex Teddy
On December 18 the 12th sanctions package was approved. It had been delayed because of Austrian objections related to Ukraine's placing Raiffeisen Bank, which still operates in Russia, on its list of sponsors of war. The diamond ban relates to both synthetic and natural diamonds as well as those that have already been set in jewellery. As of September 2024 it will also relate to Russian diamonds that are cut in other countries.  It is estimated that Russia makes over USD 4 billion a year from diamond exports. Belgium was a major entrepot for the sale of Russian diamonds. 29 more companies have been put on the list of those forbidden to export items that could assist Russian military manufacturing. Some of these companies are in the EU and some are outside of it. The EU is also mulling measures to enforce the USD 60 oil price cap on Russia. Russia has successfully evaded this by using a dark fleet of ships that are not easily traceable. India and China have been only too happy to assist because of the lower price of oil they buy from Russia. The EU would like to stop ships from transferring oil to other ships at sea as a means of sanctions evasion. But the EU has not yet formulated a plan. 

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