The European Commission is proposing a new round of sanctions on Moscow because of its war in Ukraine, this time targeting exports of Russian diamonds.
The proposed 12th sanctions package, targets Russia’s revenue from diamond exports, as well as tightening the previously established oil cap and penalties for third-party nations which violate sanctions.
The process will begin with an indirect import ban on Russian-processed diamonds which will be implemented over time before the full ban takes effect in January 2024.
“The package also aims to cut the remaining revenues that Russia draws from the export of diamonds to Europe and its partners,” a European Commission spokesperson said.