The European Commission has proposed sanctions on Russian diamond exports. The United States has sanctioned Alrosa, a Russian state-owned company that is the largest diamond mining company in the world. File Photo by Alrosa Press Service Handout/EPA-EFE
Nov. 15 (UPI) -- The European Commission has proposed a new round of sanctions on Moscow for its war in Ukraine, this time targeting exports of Russian diamonds.
The proposed 12th sanctions package, circulated among European Union member states, targets Russia's revenue from diamond exports as well as tightening the previously established oil cap and penalties for third-party nations that violate sanctions imposed in response to Russia's invasion of Ukraine, Politico and Euronews reported.
The process will begin with an indirect import ban on Russian-processed diamonds in non-EU countries that will be implemented over time before the full ban takes effect in January 2024, Politico reported.
"The package also aims to cut the remaining revenues that Russia draws from the export of diamonds to Europe and its partners," a European Commission spokesperson told Euronews. "This is being done in very close cooperation with our G7 partners."
The Belgian city of Antwerp is known as one of the major hubs for diamond sales, with a significant percentage of the diamonds sold there including rough diamonds from Russia.
As a result, the EU and G7 have been collaborating to establish a system to track diamonds throughout the supply chain in order to enforce the sanctions.
Last month, Belgian Prime Minister Alexander De Croo promised to take action against "Russian blood diamonds."
While Russian oil exports and technological imports have been severely restricted, diamonds are still exported onto the European market.
The majority of Russian diamond exports are controlled by Alrosa, a state-backed entity which is the largest diamond mining company in the world.
In April 2022, the U.S. Treasury Department sanctioned Alrosa, which it says accounts for 28% of the world's diamond mining.
The European Commission functions as the executive body of the European Union, meaning the 27 E.U. member states will have to approve the measure for it to go into effect.
