Sanctions Could Harm Antwerp more than Russia, Warns AWDC
February 24, 22
(IDEX Online) - Sanctions by the EU on Russia could prove counter-productive, the Antwerp World Diamond Centre (AWDC) has warned.
Spokesman Tom Neys yesterday told the Belgian newspaper Gazet van Antwerpen: "Sanctions can have a significant impact on the diamond business.
"It is a blow that should hurt Russia but there is a chance that we do more damage to ourselves. The Russians can easily trade their diamonds with non-EU countries."
He was speaking before news broke earlier this morning that Russian president Vladimir Putin had ordered troops into Ukraine.
Sanctions by the US and Europe have so far targeted banks, oligarchs and the Nord Stream 2 gas pipeline project between Russia and Germany.
They have not, so far, included the Russian miner Alrosa, the world's biggest supplier of diamonds by volume and a vital trade partner for Belgium.
In 2020, more than $1.1bn of Russian diamonds passed through Antwerp (pictured).