G7 governments are expected to announce a ban on imports of Russian diamonds that will come into force next January in a move that will divide the $74bn global market for the precious stones.
Belgian officials said on Friday that it expected an announcement from the world’s seven largest advanced economies within three weeks that would “fence off the G7 market” from Russian diamonds, a timeframe confirmed by a senior European official.
G7 leaders agreed to restrict trade and use of Russian diamonds at its Hiroshima summit in May, including by using tracing technologies. They aim to clamp down on an important sector of the Russian economy that has not been comprehensively hit by wide-ranging international sanctions.
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