Facing a potential European Union ban on Russian diamond imports, the Kremlin said last week (November 20) that EU sanctions typically result in a “boomerang effect” affecting those who implement them, Mining Weekly reports
Dmitry Peskov, the Kremlin spokesman, addressed the proposed EU ban on diamond imports from Russia, part of a new sanctions package related to the war in Ukraine. Peskov stated: “As a rule, it turns out that a boomerang effect is partially triggered: the interests of the Europeans themselves suffer. So far, we have been able to find ways to minimize the negative consequences of sanctions.”
According to EU diplomatic sources, the discussed proposal involves banning direct diamond imports from Russia starting January 1, with plans to implement a traceability mechanism from March onwards, preventing imports of Russian gems processed in third countries.
European Union diplomats have strongly criticized the Kimberley Process for its failure to take action against Russia. They expressed concern that the organization’s inability to reach an agreement on this issue “casts a shadow on its ability to stay fit for purpose and address challenges affecting its core mandate,” IDEX Online reports.
In a strongly worded statement released on November 22, the European External Action Service (EEAS), the diplomatic service of the EU, expressed its disappointment with the Kimberley Process’s failure to consider the consequences of Russia’s war of aggression against Ukraine for the global rough diamond sector. The statement also criticized the lack of progress made in the past year towards adopting a broader definition of conflict diamonds that would encompass those produced by Russia.
The EEAS statement said: “We regret that, despite the substantial revenues generated by Russia’s diamond exports and the Kimberley Process’ core mandate to sever the link between the diamond trade and conflict, consensus could not be reached to include an agenda item and discuss the matter.”
