Canada has announced a ban on direct imports of Russian diamonds, UNN reports citing the country's Foreign Ministry.
Details
Canadian Foreign Minister Melanie Joly announced on December 6 that Canada, in coordination with its G7 partners, is imposing new restrictions on imports of Russian diamonds and diamond jewelry.
This ban follows a commitment made in May 2023 by G7 leaders to work collectively to reduce the revenues that the Putin regime receives from exports of rough diamonds mined, processed or produced in Russia.
Canada will continue to work with G7 and other international partners to implement comprehensive controls and verification measures to ban Russian diamonds.
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russia is the world's largest producer of rough diamonds, with production estimated at more than $3.5 billion in 2022. It is also a major global exporter of diamonds and diamond products, with the value of its total exports exceeding USD 3.9 billion in the same year. Together, the G7 countries represent 70% of the global diamond market.
Canada's imports of Russian products subject to the ban in 2021 amounted to $4.1 million.
After Russia's full-scale invasion of Ukraine in 2022, Canada imposed sanctions on the Russian state diamond conglomerate Alrosa.