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Russia hits out at G7 plans to sanction its diamonds

Russia's finance ministry has hit out at G7 plans to sanction its diamonds, claiming it will discredit and undermine the existing Kimberley Process (KP).

In a strongly-worded letter it claims Western countries, the G7 and the EU will deliberately distort the global rough diamond market if they implement their own regulations, which could, it warns "lead to increased social unrest and insurgency in certain regions".

Russia's deputy finance minister Alexei Moiseyev, pulls no punches in his letter to KP members, issued ahead of their plenary, which starts on 6 November in Zimbabwe."Any attempts to accuse Russia of non-compliance with the requirements of the Kimberley Process Certification Scheme are completely groundless," he says.

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