G-7 to Ban Russian Diamonds Starting Next Year
- Move is latest effort to squeeze Kremlin’s revenue for war
- Diamond industry has been lobbying over terms of restrictions
A worker uses a magnifying glass to inspect a cut diamond in Moscow, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Group of Seven nations have agreed to ban Russian diamond imports from the start of next year in the latest move to curb Russia’s ability to fund its invasion of Ukraine.
While the G-7 and its European allies have been trying to find additional ways to squeeze Russia’s economy to constrain its ability to fund its war in Ukraine, diamonds have remained a stumbling block.