The US and its G7 allies rolled out new sanctions against Russia’s “war machine” yesterday, targeting Moscow’s lucrative diamond trade and more entities linked to the invasion of Ukraine.
Leaders from the G7 wealthy democracies are meeting in Hiroshima, Japan, with Russia’s US$4 billion to US$5 billion annual trade in diamonds in the crosshairs.
Russian President Vladimir Putin’s invasion of Ukraine 15 months ago has prompted waves of sanctions that have helped plunge his country into recession and drained the Kremlin’s war chest.
Photo: Bloomberg
The G7 is looking to strengthen existing sanctions, closing loopholes and subjecting more Russian firms and their international partners to punitive restrictions.
Ukrainian President Volodymyr Zelenskiy is expected to address the summit by videoconference, with Japanese hosts tamping down speculation that he could make a last-minute, in-person appearance.
A senior US administration official yesterday said that 70 more entities from Russia and “other countries” would be placed on a US blacklist.
“And there will be upwards of 300 new sanctions against individuals, entities, vessels and aircraft,” the official said.
As the G7 weighs how to collectively choke Russia’s trade in diamonds — including high-tech methods of tracing — the UK announced its own “ban on Russian diamonds.”
“As today’s sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia, and steadfast in our support for Ukraine,” British Prime Minister Rishi Sunak said.
“Russian diamonds are not forever,” European Council President Charles Michel said. “We will restrict trade in Russian diamonds.”
EU member state Belgium is among the largest wholesale buyers of Russian diamonds, along with India and the United Arab Emirates.
Economists are divided about how much G7 and other sanctions have hurt the Russian war effort. The Russian economy contracted 2.1 percent last year, a trend that continued early this year.
However, Moscow has adapted quickly, introducing strict capital controls, diverting trade to allies such as China and reportedly borrowing evasion techniques from sanctioned countries like Iran.
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