The UK government has imposed further sanctions against Russia, targeting diamond and other resource imports in an effort to limit Moscow’s capacity to support the Ukrainian war.
Before the start of the G7 summit in Japan, London announced a “ban on Russian diamonds,” copper, aluminum, and nickel, as well as sanctioning more entities involved in Moscow’s “military-industrial complex.”
Russia’s diamond trade is estimated to be worth $4-5 billion each year, providing much-needed tax money to the Kremlin.
Later that day, the UK Foreign Office said that the new measures will freeze the assets of 86 individuals and organizations.
These include “companies involved in the theft of Ukrainian grain and those involved in the shipment of Russian energy,” according to the report.
The latest sanctions will also target “advanced military technology and remaining revenue sources”.
The Hiroshima conference is anticipated to result in a slew of additional sanctions against Russia, including US measures that will place 70 more Russian and international businesses on a trade blacklist.
On Friday, UK Prime Minister Rishi Sunak told Sky News that his “straightforward” message to Russian President Vladimir Putin was: “We’re not leaving.”
“One of the topics I’ll be discussing and have been discussing with my fellow leaders is longer-term security agreements… for Ukraine to deter future Russian aggression,” he continued.
The G7 is expected to work together to strengthen existing sanctions, remove loopholes, limit Moscow’s access to the international financial system, and agree to keeping Russian assets frozen until the crisis in Ukraine is over.
On Friday, European Council President Charles Michel warned the EU would pursue the rich Russian diamond trade, which he joked “is not forever.”
Along with India and the United Arab Emirates, EU member Belgium is one of the top wholesale purchasers of Russian diamonds.
