G7 wants to limit Russian diamond exports

G7 Russian diamond exports

G7 leaders will discuss sanctions against the Russian diamond trade, and seek to further deprive Russia of funds for its invasion of Ukraine, at a summit that begins on Friday in Hiroshima, Japan, European Union (EU) officials told news agencies this Thursday (18.05.2023).

Russia exported nearly $5 billion worth of diamonds in 2021, according to the Observatory for Economic Complexity, a trade data visualization site linked to the Massachusetts Institute of Technology.

The United Arab Emirates, India and Belgium, the latter a member of the EU, are among the main importers. The official said Indian buy-in would be vital to making sure any sanctions regime had an impact.

“We would like to have a dialogue with them, because the diamond industry is very important in India, not necessarily in terms of numbers, but in terms of politics and symbolism,” he added.

India also maintains close military ties with Russia and has never condemned its invasion of Ukraine.

Indian Prime Minister Narendra Modi was invited to the Hiroshima summit along with the leaders of Brazil, Indonesia and other regional powers, which the G-7 countries hope to win their case against Russia and China.