No more sparkle from Russia: EU import ban on diamonds applies
Published: Monday, Jan 1st 2024, 14:10
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Diamonds from Russia may no longer be imported into the EU since the beginning of the year. This was stipulated by sanctions adopted in December due to the Russian war of aggression against Ukraine. The Federal Council also intends to deal with the sanctions package soon.
The measure is intended to deprive the state leadership in Moscow of an important source of income and thus also limit its ability to finance the war against Ukraine. The EU Commission recently estimated Russia's income from the sale of diamonds at around four billion euros per year.
In the period from March 1 to September 1, an indirect ban on imports of Russian diamonds processed in third countries other than Russia will also be gradually introduced. The transitional period is intended to enable the introduction of a traceability mechanism that minimizes disruption for market participants. In future, anyone importing diamonds into the EU will have to provide proof of the country of origin of the diamonds or diamond products.
Belgium put up a fight
One of the reasons why a ban on the import of Russian diamonds was only imposed almost two years after the start of the war was due to Belgium's initial resistance. The Flemish port city of Antwerp has been one of the most important diamond centers in the world since the 16th century. Russia, in turn, is considered the world's largest producer of rough diamonds. In 2021, the state diamond miner Alrosa had revenues of 332 billion roubles (around 3.4 billion euros).
In addition to the diamond ban, the latest EU sanctions package against Russia also included an import ban on raw materials for steel production and processed aluminum products as well as export restrictions on goods such as lithium batteries, thermostats and certain chemicals. There is also a new ban on imports of liquefied petroleum gas (LPG) from Russia, which, according to the Commission, affects imports of more than one billion euros per year. It will also affect existing contracts after a maximum of twelve months following a grandfathering clause.
For example, a far-reaching import ban on crude oil, coal, steel, gold and luxury goods as well as punitive measures against banks and financial institutions have been in place for some time.
Imports in Switzerland declined
Switzerland could possibly soon join the EU's twelfth sanctions package. The Federal Council announced just before Christmas that it would look into the possibility of adopting the package "in the near future". In principle, the Federal Council adheres to the EU sanctions, but is examining the individual measures, according to earlier statements.
According to the federal government, imports of Russian diamonds into Switzerland have fallen massively since the start of the war. Direct imports of natural and synthetic diamonds from Russia no longer take place.
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