Is the G7 about to put Russian diamonds on its radar?

The Group of Seven leading industrialized nations (G7) will discuss how to monitor Russia's diamond trade at this week's summit, with the aim of imposing restrictions in the coming period.

Russia's rough diamonds are primarily exported to India. (Source: Reuters)

This information was released by a European Union (EU) official on May 18.

Speaking to reporters at a press conference, the EU official said: "You can expect this to be mentioned in the G7's joint communiqué."

The official said that at this stage there would be no agreement on restrictive measures, but he believed that principles would be agreed upon before implementation.

Currently, Russian rough diamonds are primarily exported to India, where they are believed to be polished and potentially mixed with diamonds from other sources for sale in Western countries. Therefore, the G7 is discussing measures to use technology to trace the original origin of each diamond.

In March 2023, the US and EU pledged to continue imposing economic sanctions on Russia, arguing that the country was still earning billions of dollars from the diamond trade.

Source: https://baoquocte.vn/g7-sap-dua-kim-cuong-nga-vao-tam-ngam-227636.html