Group of Seven nations have agreed to ban Russian diamond imports

Leading importer countries like Belgium had opposed previous proposals to outlaw Russian diamonds in Europe, claiming that such a prohibition would only cause the profitable gem trade to go elsewhere. Diamonds continue to be a roadblock in the G-7 and its European partners' efforts to find new measures to stifle Russia's economy and limit its capacity to finance its conflict in Ukraine. The Group of Seven has decided to ban the import of Russian diamonds beginning in the new year as part of their ongoing efforts to limit Russia's financial resources for the invasion of Ukraine. The G-7 announced on Wednesday that as of January 1, it will not allow any direct imports of raw diamonds from Russia. Starting on March 1, Russian diamonds produced in third-world nations will also be included in that, and by early September, a comprehensive traceability system will be in place.