A ban on imports of Russian diamonds is expected to be agreed by Group of Seven nations in the next two or three weeks, a Belgian official said Friday. The mechanism will consist of a direct ban on purchases, which would take effect on Jan. 1, as well as indirect ban, which would kick in more gradually, the official added.
A ban on imports of Russian diamonds is expected to be agreed by Group of Seven nations in the next two or three weeks, a Belgian official said Friday.
Earlier attempts to sanction Russian gems in Europe had met resistance from leading importer nations like Belgium, which had argued that a simple ban would just shift the lucrative gem trade elsewhere. The indirect element of the ban is aimed at trying to restrict that dynamic by tracking the Russian gems across border. Belgium isn’t a G7 member, but previously said it would support a ban if the G7 can find an effective mechanism.
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