Amidst the ongoing geopolitical tensions surrounding Russia’s military intervention in Ukraine, the Kremlin vows to navigate around the European Union’s import ban on Russian diamonds. This latest move comes as part of an extensive sanctions package imposed by Western nations, marking the 12th round of financial and economic penalties against Russia.
In response to the sanctions, Kremlin spokesperson Dmitry Peskov commented on the broadening scope of sectors subjected to restrictions, stating, «On the whole, the 12th package shows that, perhaps, the pool of sectors where sanctions can be imposed is being exhausted.»
The European Union’s sanctions include a comprehensive ban on Russian diamonds, covering both natural and synthetic varieties, as well as diamond jewelry. This ban is set to take effect from January, with diamonds cut in other countries included from September next year.
Accused of utilizing proceeds from diamond sales, estimated at $4 billion to $5 billion annually, to fund its military endeavors, Moscow faces a significant economic restriction. Despite this, Peskov expressed confidence in the Kremlin’s ability to devise strategies to mitigate the impact, stating, «I do not think that there are no options to circumvent these sanctions. There are, and they will be implemented.»
In addition to the diamond ban, the sanctions package extends EU efforts to limit Moscow’s access to technology for military purposes. This includes the addition of 29 more companies to the list of entities prohibited from exporting products that could aid Russia’s arms industry. As the geopolitical chess game unfolds, both sides strategize their moves in the ongoing conflict.
