G7 to discuss sanctions on Russian diamonds
G7 leaders meeting in Japan will discuss sanctioning Russia's diamond trade, an EU official said on Thursday, hoping to further starve Moscow of funds for the Ukraine war. "We believe we need to limit exports from Russian trade in this sector," the official said, adding that the G7 was unlikely to reach a final agreement on the economically sensitive topic in Japan. Russia exported almost US$5 billion worth of diamonds in 2021, according to the Observatory of Economic Complexity, a trade data project linked to the Massachusetts Institute of Technology. The United Arab Emirates, India and EU member Belgium were among the top importers. The EU official said Indian buy-in would be vital to make sure any sanctions regime had maximum impact. "We would like to engage in a dialogue with them, because the diamond industry is quite important in India, not necessarily in terms of numbers, but in terms of politics, symbolism," the official said. G7 countries have levied unprecedented sanctions on Russia over the last year, but have trodden carefully in sectors that could hurt European economies still recovering from the Covid-19 pandemic. (AFP)