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UK Targets Russia’s Diamond and Minerals Market

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CEM REPORT, SECURITY | The UK has imposed sanctions on Russia’s imports of diamonds and other minerals. The UK also said it will introduce more sanctions on entities involved in Moscow’s “military industrial complex”.

According to an AFP report, the sanction would freeze the assets of 86 people and organisations. These include companies connected to the theft of Ukrainian grain and those involved in the shipment of Russian energy. The new sanctions will also target advanced military technology and remaining revenue sources.

UK Prime Minister Rishi Sunak noted that his “straightforward” message for Russian President Vladimir Putin was: “We’re not going away”.

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“One of the topics of conversation I have been having with my fellow leaders is about the longer term security agreements… for Ukraine to deter future Russian aggression,” he added.

The G7 as a whole is working to tighten existing sanctions, close loopholes, squeeze Moscow’s access to the international financial system and commit to keeping Russian assets frozen until the end of the war in Ukraine.

[READ ALSO] Russia Bans Obama, Others from its Borders

European Council President Charles Michel said the bloc would target the lucrative trade in Russian diamonds.

EU member Belgium is among the largest wholesale buyers of Russian diamonds, along with India and the United Arab Emirates, while the United States is a major end-market for the finished product.

Russia’s diamond trade is estimated to be worth $4-5 billion a year.

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