G7 announcement on Russian diamond ban expected by end Oct.- sources

A view shows polished colorless and yellow diamonds produced at « Diamonds of ALROSA » factory in Moscow, Russia April 30, 2021. REUTERS/Tatyana Makeyeva/File Photo Acquire Licensing Rights

BRUSSELS, Oct 25 (Reuters) – A G7 statement announcing a ban on imports of Russian diamonds is expected by the end of this month, followed closely by a proposal for the European Union’s 12th package of sanctions on Russia, diplomatic sources said.

« We now need the final blessing of the G7 before then translating these elements in legal texts at the European level, » an EU diplomat said.

A second source said the statement was expected to arrive within a week. The EU’s 12th sanctions package is expected to focus on Russian diamonds.

The G7 held a technical meeting last week to discuss several proposals put forward by India, industry groups and Belgium.

« Canada and G7 members are engaged with industry and government representatives on proposals aimed at addressing traceability and enforcement-related issues, » a global affairs spokesperson for Canada said this week.

France’s foreign ministry said « discussions are being held at the technical level between the members of the G7 with Belgium, in conjunction with economic players in the diamond sectors. »

Our Standards: The Thomson Reuters Trust Principles.