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G7 to impose restrictions on Russian diamond trade.

In a united effort to curtail Russia’s revenue streams and apply additional pressure amid escalating tensions, the Group of Seven (G7) nations announced following its meeting in Hiroshima their commitment to imposing restrictions on the trade and use of diamonds sourced from Russia.

The Group of Seven (G7) nations have pledged to focus on keeping Russian diamonds out of the market, while the UK will ban them completely.

The move aims to diminish the financial resources derived from diamond exports and deter further Russian aggression. G7 leaders have also expressed their intent to collaborate with key partners to ensure the effective implementation of future coordinated measures, leveraging advanced tracing technologies.

Diamonds hold significant economic value for Russia, and the G7’s concerted effort to restrict their trade is expected to have a tangible impact on the country’s revenue.

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