G7 Leaders Agree To Restrictions On Imports Of Russian Diamonds

Ukrainian President Volodymyr Zelenskiy (top left) addressed the leaders of the G7 nations during an online summit on December 6.

The leaders of the Group of Seven (G7) countries have agreed to restrict imports of Russian diamonds in another tightening of sanctions over Moscow's invasion of Ukraine.

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A G7 statement issued after a virtual summit on December 6 joined by Ukrainian President Volodymyr Zelenskiy said the first set of restrictions on nonindustrial diamonds, mined, processed, or produced in Russia would take effect on January 1.

This will be "followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024," the leaders of Britain, Canada, France, Germany, Japan, Italy, and the United States said in a statement.

The statement added that by the beginning of September, a "robust traceability-based verification and certification mechanism for rough diamonds within the G7" will be established.

The new restrictions add to a raft of sanctions targeting financial institutions, technology imports, and fossil fuel exports already imposed on Russia by the United States and other countries over its full-scale invasion of Ukraine.

Following the G7 pledge, Foreign Minister Melanie Joly announced on December 6 that Canada will introduce a ban on the direct import of Russian diamonds and related products.

"Canada will continue working with its G7 and other international partners to implement comprehensive controls and verification measures for banning Russian diamonds," Joly said in a statement. "Today’s announcement therefore imposes further costs on the Kremlin for its illegal and unjustifiable war of aggression against Ukraine."

The G7 leaders also condemned Russian attacks against critical and civil infrastructure across Ukraine, saying they are increasing efforts to provide humanitarian aid and energy assistance, and they said Russia’s sovereign assets in G7 jurisdictions "will remain immobilized until Russia pays for the damage it caused to Ukraine."

The statement noted that according to the World Bank, the damage caused by Russia's invasion "already exceeds $400 billion dollars."

In his remarks to the G7 leaders, Zelenskiy warned against the collapse of Western unity, saying that Russia is counting on that happening.

"Russia hopes only for one thing -- that next year the free world's consolidation will collapse," Zelenskiy said, adding that Moscow has “significantly increased pressure on the front."

He reiterated that the battle is “not just about the fate of Ukraine, it's about Europe."

The virtual G7 meeting came amid concern about continued Western military support for Ukraine.

The White House has warned that funding for Ukraine aid will run out by the end of the year if Congress does not approve fresh funds.

U.S. President Joe Biden addressed lawmakers on December 6 after the G7 meeting, urging them to quickly approve more military aid to Ukraine. However, the U.S. Senate blocked the White House request for $106 billion in emergency aid primarily for Ukraine and Israel as Republicans objected to the bill's lack of immigration reforms.

The G7 statement said the leaders were "determined" to support Ukraine and find further ways to cap Russia's ability to fund the war, and they said their "steadfast commitment to supporting Ukraine's fight for its independence, sovereignty, and territorial integrity will never waver.”

With reporting by AFP