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Financial Times — World — Russian Diamond Trade — Diamonds And Gemstones — War in Ukraine — Mining

The new ‘blood diamonds’: the elaborate plan to halt Russia’s trade

G7 nations plan to introduce measures to cut off Russia's diamond dollars, aiming to squeeze Moscow's access to finance and impede the Kremlin's ability to wage war on Ukraine.

1 min read
  • G7 nations to introduce measures on the sale of Russian diamonds to squeeze Moscow's access to finance.
  • The West hopes to impede Kremlin's ability to wage war on Ukraine by cutting off Russia's diamond dollars.
  • Russia's rough diamond exports were worth $4bn in 2021 but are only a fraction of Russia's crude oil exports.
  • The G7 traceability initiative aims to introduce an effective mechanism for tracking and tracing individual gemstones.
  • The diamond industry fears that the initiative could strangle the industry and threaten their livelihoods.
The new ‘blood diamonds’: the elaborate plan to halt Russia’s trade
G7 nations are working on an inspections regime to target the country’s gemstones, but risk destabilising the global industry
Financial TimesChloe Cornish

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