Home Business News EU imposes sanction on Russian diamonds to ‘deliver a further blow’ to Putin and Kremlin elites

EU imposes sanction on Russian diamonds to ‘deliver a further blow’ to Putin and Kremlin elites

by LLB political Reporter
19th Dec 23 9:41 am

The European Council has adopted a twelfth package of economic and “individual restrictive measures” against Russia.

The EU have placed sanctions on Russian diamonds over the import including those processed in third countries.

As soon as the sanction are published in the Official Journal of the EU they will come into effect.

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They said, “The Council adopted today a twelfth package of economic and individual restrictive measures in view of the continued Russian war of aggression against Ukraine.”

The European Council warned the measures will “deliver a further blow” to Russia by targeting high-value sectors of Vladimir Putin’s economy.

The European Council added, “The EU is imposing a prohibition on the direct or indirect import, purchase or transfer of diamonds from Russia.

“This prohibition applies to diamonds originating in Russia, diamonds exported from Russia, diamonds transiting Russia and Russian diamonds when processed in third countries.”

The ban on Russian diamonds includes, diamond jewellery, synthetic and non-industrial natural diamonds and the ban will start from the 1 January 2024.

The EU council are implementing tighter rules on the price cap of Russian oil also to strengthen “information sharing mechanism.”

The council said, “The Council is introducing tighter compliance rules to support the implementation of the oil price cap and clamp down on circumvention.”

They said in a statement, this is about a strengthened information sharing mechanism” for a “better identification of vessels and entities carrying out deceptive practices.”

They added, the European Council “decided to introduce notification rules for the sale of tankers to any third country in order to make more transparent their sale and export, in particular in the case of second-hand carriers.”

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