Russia says sanctions against its diamonds to distort market

MOSCOW, Nov 1 (PRIME) -- Restrictions against Russia as the world's largest rough diamond supplier will distort the market, which will hurt the most vulnerable people, the Finance Ministry said on Wednesday.

"Introduction of restrictive measures against the world's largest supplier will inevitably lead to a large-scale market distortion, which will hurt the most vulnerable segments of the population the hardest," the ministry said.

According to the ministry, sanctions would erase achievements of for many states and local communities.

The Kimberley Process that unites over 80 states was created in 2000 to fight so called blood diamonds, the proceeds from the sales of which are channeled to fund wars.

“Western countries are playing with Pandora's Box – it's easy for them, because the prosperity and well-being of others are at stake,” the statement said.

“This position was also clearly formulated by our colleagues-diamond producers from African countries in a joint statement issued by members of the Association of African Diamond Producers (ADPA).”

The E.U. is considering a new round of restrictions that would limit about U.S. $5.3 billion of trade with Russia, including in diamonds.

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