G7 countries failed to agree on sanctions against Russian diamonds

The European Union is also developing sanctions against the Russian diamond industry. The Ministry of Finance warned that a ban on diamond exports could lead to disruption of competition in the world market

Following the negotiations in Tokyo , the foreign ministers of the G7 countries ( Great Britain , CANADA , France , Germany , Italy , Japan and the usa ) did not agree on specific restrictions on Russian diamonds, but agreed to continue discussing this issue, follows from the joint statement of the ministers.

“To reduce Russia's EXPORT earnings , we will step up consultations on energy, metals and non-industrial diamonds, including those mined, processed or produced in RUSSIA,” it said.

G7 members agreed to more closely coordinate sanctions policies to limit Russia's access to critical goods and technologies and prevent circumvention of restrictive measures. They also threatened third countries with “serious costs” if they did not stop “providing material support” to the Russian side.

“We are exploring all possible ways to provide assistance to Ukraine in accordance with our legal systems and international law,” the foreign ministers promised. They promised that Russian assets in the G7 countries will remain frozen until Russia compensates for the damage to Ukraine from military actions. In September, the US Treasury estimated the total value of frozen Russian assets abroad at approximately $280 billion. Moscow considers the blocking of assets illegal. The Kremlin stated that they would consider their seizure in favor of Ukraine as theft. Presidential spokesman Dmitry Peskov promised that Russia would challenge the confiscation decisions indefinitely.

In mid-September , BLOOMBERG and REUTERS reported that the G7 intends to introduce a ban on the import of Russian diamonds from January 1, 2024, and is also going to develop a mechanism for indirect bans that will limit their movement across the border. The European Union is also planning to ban the export of diamonds from Russia; the HEAD of the European Commission, Ursula von der Leyen, called this measure a key point in the 12th package of sanctions against Moscow. The Russian Ministry of Finance warned that these actions could lead to disruption of competition in the global market and hit vulnerable populations in countries with the diamond industry.

The largest Russian diamond mining company ALROSA has been under US and UK sanctions since 2022 .

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Russia considers the sanctions illegitimate and says the restrictions harm the initiators themselves. In September, President Vladimir Putin said the economy had recovered after restrictions. The Foreign Ministry estimated the EU's losses from sanctions and the curtailment of economic activity at $1.5 trillion.