EU’s import ban on Russian diamonds takes effect on Monday

MOSCOW, Jan 1: The European Union’s phased ban on both direct and indirect imports, the purchase and transfer of Russian diamonds goes into effect on Monday.

The prohibition covers diamonds originating in Russia, exported from the country or transiting it, as well as Russian diamonds processed in third countries.

Since January 1, the ban covers non-industrial natural and synthetic diamonds as well as diamond jewellery, while the indirect import ban on Russian diamonds when processed in third countries will be introduced gradually as of March 1 and is scheduled to be completed by September 1.

The ban is part of the 12th sanction package introduced by the European Union against Russia adopted in December 2022. The package also prohibits the transfer of dual-use products and technologies, including lithium batteries and drone components.