Report: Belgium may lead sanctions against Russian diamonds

MOSCOW, May 10 (PRIME) – Belgium plans to become West’s leading partner in attempts to cut Russia's revenue from diamond sales, Prime Minister Alexander de Croo told the Financial Times on Wednesday.

He said that Belgium wants to squeeze Russian diamonds out of the Western markets, but it cannot be done through direct prohibitions that have no significant impact on Russia’s financial flows.

De Croo said that a tracking mechanism to prevent relabeling of Russian diamonds in the third countries in conjunction with a direct prohibition on exports may work.

According to the Financial Times, Belgium earlier objected to inclusion of diamonds in the 11th package of sanctions against Russia for the fear of risking its five-century long history as a diamond trading center, but later changed its mind.

The daily said that G7 will pledge to introduce measures against Russian diamonds in their states in May by launching an effective mechanism of tracking gems.

However, Belgium is afraid of diamond trading moving to other centers, such as Dubai as a result.

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