G7 agrees to ban Russian diamonds - report

(Sharecast News) - The G7 group of wealthy nations has agreed to ban imports of Russian diamonds, it was reported on Wednesday. The countries are expected to announce a ban of non-industrial diamonds from Russia, starting on 1 January, later on Wednesday, according the Financial Times and Reuters, both of which cited unnamed sources familiar with the matter.

In addition, the group will also ban stones processed in third countries, from 1 March, while a full traceability system for rough diamonds trading in the G7 countries will be introduced from 1 September.

Russia has been subject to a large array of co-ordinated sanctions since it invaded Ukraine in February 2022. Diamonds, however, are one of the few remaining major exports not to have sanctions imposed on them by western countries.

The G7, which includes the UK, US, France, Germany, European Union, Japan and Canada, is due to meet virtually later on Wednesday.