According to a Bloomberg news report quoted by IDEX Online, the G7 nations and the 27 EU countries are “discussing ways to track Russian diamonds,” although implementing such a system would be “complex and time-consuming.”
With the exception of Canada, the EU and G7 countries have not imposed sanctions on Russian gems. According to the Belgium government, “the only effective way to stem the ongoing flow of Alrosa’s goods would be if all Western nations – not just EU members – signed up to a ban, backed by a watertight traceability system.”
A new package of measures was expected on February 24 – on the first anniversary of the invasion.
Earlier in February, Belgium’s Prime Minister, Alexander De Croo, reiterated his strong position on Russian diamonds, saying that he opposes an EU ban on Russian diamonds – and that the boycott should instead encompass all Western markets. In a statement to Politico quoted by IDEX online, De Croo said: “Russian diamonds are blood diamonds. The revenue for Russia from diamonds can only stop if the access of Russian diamonds to Western markets is no longer possible. On forging that solid front, Belgium is working with its partners.”
