Russia guarantees that it will circumvent sanctions imposed on diamonds – news

Russia assured yesterday that it will use all available ways to circumvent the sanctions on Russian diamonds adopted on Monday by the Group of Seven most industrialized countries (G7) and the European Union

“With regard [às sanções] to Russian diamonds, it was to be expected and we are prepared”, said the spokesman for the Russian presidency (Kremlin), Dmitri Peskov, in his daily press conference.

The Kremlin reacted to the 12th. package of sanctions once morest Russia announced by the European Council in retaliation for the war in Ukraine. “I don’t believe that there are no ways to get around these sanctions and we will use them”, he reiterated.

“We will do everything to defend and guarantee Russia’s interests”, highlighted Peskov, adding that “the sectors on which sanctions might be imposed have already been exhausted”.

From January 1st, the import of diamonds from Russia will be prohibited, which earns around 4.5 billion euros annually from the sale of these precious stones.

The ban on purchasing Russian diamonds cut in a third country will come into force from March 1, 2024 and, from September 1, the ban will be extended to cover diamonds, jewelry and watches containing diamonds produced in Russian laboratories. The restrictions are the same as those adopted by the G7 on the 6th, during a virtual meeting of the leaders of the seven richest countries.

The sanctions imposed also cover chemical products, lithium batteries, thermostats, direct current motors and servomotors for unmanned aerial vehicles (‘drones’), machine tools and machine parts.

The ban, already in force, on the import of crude oil transported by sea and certain petroleum products from Russia to the EU and its maximum ceiling were also reinforced.

Furthermore, with the new restrictive measures, more than 120 people and entities will be covered, including a further 29 entities that “directly support Russia’s military and industrial complex”.

Meanwhile, last Tuesday, the European Commission proposed an initiative to identify resources related to Russian sovereign assets frozen due to EU sanctions, with a view to them being used for the reconstruction of Ukraine.

The Russian military offensive on Ukrainian territory, launched on February 24 last year, plunged Europe into what is considered the most serious security crisis since World War II (1939-1945).

Ukraine’s Western allies have supplied weapons to Kiev and approved successive sanctions packages once morest Russian interests to try to diminish Moscow’s ability to finance the war effort.