As reported by The Bell, citing the communique from the online meeting of the leaders of the G7 countries, restrictions on the import of diamonds mined or processed in the Russian Federation will enter into force on January 1, 2024.
The ban on the import of Russian diamonds processed in third countries will gradually enter into force on March 1 and fully operational in September.
The G7 also intends to tighten controls on compliance with the Russian oil price ceiling and the circumvention of sanctions. G7 leaders note that the Russian Federation will have to pay for the damage caused to Ukraine, which is now estimated at $400 billion.