G7 states to present limit on Russian diamond imports by Jan 1

MOSCOW, Dec 7 (PRIME) -- The G7 states will present restrictions on imports of non-industrial diamonds mined, processed or produced in Russia by January 1, the leaders said in a joint statement late on Wednesday.

"We will introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by January 1, 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024," the statement read.

A mechanism of diamond tracking and certification will be established by the G7 states that import uncut diamonds actively by September 1, 2024.

The G7 states also want to toughen control over a limit on Russian oil prices, including by introducing sanctions.

"We commit to tightening compliance and enforcement of the price cap policy on Russian oil, including by imposing sanctions on those engaged in deceptive practices and by updating our compliance rules and regulations as necessary," the leaders said adding that efforts will be made to cut Russia's revenue from the metal sector.

The efforts to fight the bypasses of sanctions against Russia will become more active.

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