Belgium will not ban the import of Russian diamonds until at least 2024
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Belgian Prime Minister Alexander De Croo said that the country does not intend to ban the import of Russian diamonds until an international mechanism for tracking their origin begins to operate. It is expected that the mechanism for controlling diamonds from Russia may begin to operate on January 1, 2024.
“Belgium cannot ban the import of Russian diamonds until the G7-agreed traceability mechanism comes into force, which is scheduled for January 1, 2024. If only Belgium introduces this ban, diamonds will simply go to other markets,” Alexander De Croo said at a press conference with Ukrainian President Vladimir Zelensky in Brussels (quoted by TASS).
The introduction of restrictions on trade in Russian diamonds by the EU and G7 countries (Great Britain, Germany, Italy, Canada, France, Japan and the USA) was announced in May. It is assumed that the EU and G7 will allow the acquisition, sale and processing of diamonds only with non-Russian markings.
According to Le Soir, today at the EU level is being discussed the introduction of sanctions only in relation to diamonds from the Russian Federation; the ban on processed diamonds will be introduced in stages. Russian company ALROSA (MOEX: ALRS), which is one of the largest diamond producers, is already under US and UK sanctions.
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