The announcement came during Ukrainian president Volodymyr Zelensky’s visit to Brussels on Wednesday.
For months, the Group of Seven advanced economies and the EU have been working on a way to trace and restrict the trade in Russian diamonds to prevent it from skirting the sanctions.
Russia exports rough diamonds worth about four billion US dollars a year, nearly a third of the world’s total, according to various estimates. According to The Antwerp World Diamond Centre, the world’s most important diamond trading hub, 84% of all rough diamonds mined worldwide are traded in the Belgian city, making it the most important gateway to the world for Russian diamonds.
“If you only do it on the wholesale markets, then it will be traded to other diamond centres in the world,” he added.
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