This month, the G7, are expected to vow to work towards measures on the sale of Russian diamonds in their nations, in a bid to squeeze Moscow’s access to finance, and — they hope — impede the Kremlin’s ability to wage war on Ukraine.
G7 countries are pushing ahead with plans to agree to ban sales of Russian diamonds when the group's leaders meet for a summit next month, amid growing hopes that new technology will enable authorities to track the gems around the world.
Russia’s rough diamond exports were worth $4bn in 2021, trade statistics show. That’s only a fraction of Russia’s crude oil exports, but every available revenue source is important to Moscow’s treasury as it bankrolls President Vladimir Putin’s invasion.
Instead, G7 governments are preparing an international ban on selling the products. Preparations are well on track to announce more details at the summit in Japan starting on May 19, a European government official involved in the negotiations said.
One of the main goals of this coordinated G7 push is to stop sanctions being circumvented, for example by importing Russian diamonds which have first been processed and relabelled elsewhere in the world. The Swiss company Spacecode now claims to have a solution to that problem: a new device that can identify which region of the world individual diamonds come from.
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