In an interview with the Financial Times quoted by IDEX Online, Josep Borrell, the EU’s chief diplomat, has indicated that details regarding the much-anticipated sanctions on Russian diamonds by G7 nations could be determined as early as today (November 13).
Borrell told the Financial Times: “In order for [EU] member states to be unanimous for the ban on diamond trade, some were requesting that the G7 were giving, let’s say, political coverage.” Borrell conveyed to the Financial Times that the G7 has now provided the required political coverage, and the comprehensive package of sanctions will be presented to foreign ministers on Monday.
During Monday’s meeting, the EU’s 27 member nations are anticipated to deliberate on a potential 12th round of sanctions against Russia. Notably, while the EU has imposed sanctions on 1,800 individuals and entities, it has not yet targeted Alrosa, Russia’s state-controlled diamond miner.
The proposed G7 sanctions include four traceability solutions, with the leading contenders being the World Diamond Council’s G7 Diamond Protocol – a predominantly self-regulated ban—and a blockchain-supported system advocated by Belgium.
Earlier this week, Feriel Zerouki, the president of the World Diamond Council (WDC), emphasized the fairness and equity of the G7 Diamond Protocol as a means to ban Russian diamonds. Speaking at the Kimberley Process plenary meeting in Victoria Falls, Zimbabwe, Zerouki proposed the WDC’s self-regulated ban, requiring diamond dealers to declare any stone over 1 carat as non-Russian, enforced through spot checks and third-party audits.
