EU agrees new sanctions on Russia

The European Union agreed on Monday to slap Russia with a fresh round of sanctions that includes the long-awaited ban on diamonds, a valuable revenue stream for the Kremlin that has until now remained untouched.


Starting on 1 January, the bloc's 27 member states will no longer be allowed to buy natural and synthetic diamonds, as well as diamond jewellery, that come directly from Russia, unless these are meant for industrial purposes.

As of 1 March, the import ban will begin to cover Russian-origin diamonds and jewellery that have been cut and polished in other countries. And by 1 September, it will expand to lab-grown diamonds and watches containing diamonds.

Belgium, the main entry point for Russian diamonds, will use a blockchain-based traceability system to identify and verify the origin of imported diamonds.

Source: Euronews.