US President Joe Biden has recently signed an executive order that bans the import of Russian diamonds into the United States, regardless of whether they have undergone manufacturing processes in third-party countries. This marks a significant amendment to a previous March 2022 directive that initially prohibited the import of nonindustrial diamonds into the US, Diamond World reports.
The updated order explicitly eliminates the “substantial transformation” loophole, which previously permitted diamonds polished in countries like India to enter the US legally. The revised order specifically includes diamonds in a list of products that are now banned, irrespective of any transformations or incorporations outside the Russian Federation.
In addition, while the previous language of the directive only prohibited the “importation” of Russian diamonds, the updated order extends the restriction to both “importation and entry.” The order applies to unsorted diamonds, rough diamonds and polished diamonds.
This adjustment aligns with the G7 leaders’ statement on December 6, urging member nations to restrict imports of Russian diamonds processed in third countries starting from March 1. Notably, the US did not provide a specific timeline for the implementation of its ban.
US National Security Adviser Jake Sullivan emphasized, “Together with our allies and partners, we have put in place the largest set of sanctions and export control actions ever imposed on a major economy to undercut Russia’s ability to wage war, and to hold Russia accountable for attempting to conquer its neighbor by force and subjugate its people.”
