EU Targets Russian Diamonds in New Sanctions Package

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

A potential new round of EU sanctions designed to target the Kremlin for its war against Ukraine could affect up to €5 billion in trade. Goods that might be hit by export restrictions include diamonds, welding machines, chemicals, technologies for military use and software licenses, we’ve been told. The diamond ban would be contingent on a G-7 agreement to track and trace the precious stones across borders, which is expected to be finalized soon. The package of measures, which would be the 12th since Russia’s invasion, is also expected to add more than 100 individuals and four dozen entities to sanctions lists. While such penalties have failed to end the war, they have destroyed the standing of many wealthy Russians abroad.