Russia’s finance ministry has voiced strong objections to G7’s plans to impose sanctions on its diamonds, asserting that such measures could discredit and undermine the established Kimberley Process (KP), IDEX Online reports.
In a letter, Russia contends that Western countries, including the G7 and the EU, could distort the global rough diamond market intentionally through their own regulations, potentially leading to increased social unrest and insurgency in certain regions.
Russia’s deputy finance minister, Alexei Moiseyev, issued the letter to KP members ahead of their plenary meeting on November 6th in Zimbabwe. Accusing Western countries of “blatantly proclaiming their own exceptionalism and civilizational supremacy,” he wrote: “Any attempts to accuse Russia of non-compliance with the requirements of the Kimberley Process Certification Scheme are completely groundless.”
Currently, four traceability options are under consideration, and the G7, representing 70% of global diamond sales, is expected to announce its preferred proposal soon. G7 sanctions, possibly leveraging blockchain technology, are anticipated to have a real impact on Alrosa’s activity.
