EU Says No to Bloody Russian Diamonds

A new EU ban on the import of Russian diamonds and the export to Russia of various parts that could be used to make weapons takes effect Monday.

Experts estimate that Moscow earns between $4-$5 million annually from the diamond trade – tax revenues from which it uses to fuel its ongoing invasion of Ukraine.

The first day of 2024 sees a complete ban on direct imports of non-industrial natural and synthetic diamonds and diamond jewelry from Russia.

The next step of the crackdown comes in March, with an import ban on Russian diamonds processed in third countries.  

As part of the EU’s 12th package of sanctions, adopted by the EU Council on Dec. 18, the EU also introduced its “no Russia clause” requiring that they contractually prohibit the re-exportation of “sensitive goods and technology” to Russia. These sensitive goods include lithium batteries, thermostats, and various chemical products.

While Russia has succeeded in selling almost all its oil well above the G7-imposed $60 per barrel, the EU is also tightening some compliance rules in hopes of making the price ceiling more effective.

The EU watered down a proposal meant to crack down on Russia’s “shadow fleet” that would have banned the sale of old oil tankers to Russia or Russia-linked firms.