The head of the EC announced the preparation of a package of sanctions with a ban on diamonds from Russia

The European Union is preparing the 12th package of sanctions against Russia, which may also include restrictions on the export of diamonds. This was announced by the head of the European Commission Ursula von der Leyen following the EU summit in Brussels.

“We are discussing the 12th package of sanctions against Russia, which will include depriving Russia of its remaining income, primarily from the export of Russian diamonds. These sanctions are being prepared in cooperation with the G7 countries. We also intend to strengthen the effectiveness of the application of existing sanctions,” she clarified (quoted by T).

The head of the EC noted that income from frozen Russian ets of 211 billion euros now goes only to individual EU financial institutions. The EC intends to soon submit proposals on how to use the proceeds from reinvesting these funds to support Ukraine. “These funds will be sent to the budget of the European Union, then from there they will be distributed to the needs of Ukraine,” she explained.

In September, Bloomberg wrote that the EU could present the 12th package of sanctions in the first half of October. Then it was reported that they planned to include permission to use the frozen ets of the Bank of Russia to support Ukraine.

On October 3, The Economic Times reported that G7 countries are not opposed to Indian cutters buying Russian diamonds, but want to limit the import of cut stones of Russian origin weighing one carat or more. In mid-September, the media reported that the G7 countries would announce an indirect ban on the import of Russian diamonds within two to three weeks.

On May 19, President of the European Council Charles Michel said that the EU plans to limit trade in Russian diamonds. As the media noted at the time, the restrictions were opposed by Belgium, which feared the consequences for the Antwerp Diamond Center. On October 11, Prime Minister Alexander De Croo said that Belgium would not impose a ban on the import of Russian diamonds until the launch of an international mechanism for tracing the origin of stones, which is planned from January 1, 2024.

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