EU Bans Export of Diamonds to Russia, Import Still Legal
March 16, 22
(IDEX Online) - New sanctions by the European Union ban the export of diamonds and any other luxury goods to Russia with a value over $330.
The move, announced yesterday in response to Russia's ongoing invasion of Ukraine, covers the sale precious stones, crystal, caviar, wine, handbags, leather products, shoes and coats.
However the 27-nation EU did not follow the US's lead in banning the purchase of rough diamonds from Russia, so European business with Alrosa is not directly affected.
The US has outlawed the purchase of rough diamonds from Russia, which provides almost 30per cent of global supply, but permits gems mined there but cut and polished in another country.
The EU also announced sanctions on Russian oligarchs, energy sector investments, and the importation of steel products.