Siluanov is confident that sanctions against Russian diamonds will not work

The head of the Russian Ministry of Finance, Anton Siluanov, said that the European Union’s ban on the import of non-industrial diamonds from Russia will not benefit Europe. According to him, the Russian authorities will supply precious stones to other countries.

“This is not the first time that sanctions have been introduced. We see the consequences of these sanctions. We will simply reconfigure sales markets to other regions. I am sure that this will not benefit those who introduced these sanctions,” said Mr. Siluanov (quoted from TASS).

The minister added that the rough and polished diamond market is quite stable and Russia’s presence in it is significant. The country, as Anton Siluanov said, shares the world volume of stones produced in half with the international company De Beers. There is a demand for diamonds, so Russia “will look for new markets,” the head of the Ministry of Finance clarified.

December 18 European Union approved The 12th package of sanctions against Russia, which includes a ban on the import from January 1 of non-industrial diamonds mined, processed or produced in the country. Starting March 1, gradual restrictions on the import of Russian diamonds processed in third countries will also begin.

Press Secretary of the Russian President Dmitry Peskov saidthat the Kremlin is implementing schemes to circumvent sanctions against diamonds. The new restrictions, he said, indicate that the resource of areas where sanctions can be imposed is being exhausted. The head of European diplomacy, Josep Borrell, called the new sanctions package “a powerful set of economic measures that will weaken the Russian military machine.”

Read more about sanctions in the material “The EU is reprogramming Russian industry”.