G7: Strong Rhetoric but no Diamond Sanctions
May 22, 23
(IDEX Online) - G7 leaders concluded their summit in Hiroshima, Japan, yesterday without a clear mandate to sanction Russian diamonds.
They pledged to "work closely together to restrict trade" in diamonds, but did not announce the sanctions some had expected.
They reaffirmed their "commitment to stand together against Russia's illegal, unjustifiable, and unprovoked war of aggression against Ukraine."
The three-day summit ended with a raft of moves designed to economically isolate Russia and weaken its ability to wage its war, but no concrete details on outlawing its diamonds.
In their statement on Ukraine, the G7 leaders said: "In order to reduce the revenues that Russia extracts from the export of diamonds, we will continue to work closely together to restrict trade in and use of diamonds mined, processed or produced in Russia and engage with key partners with the aim of ensuring effective implementation of future coordinated restrictive measures, including through tracing technologies."
On the eve of the summit, the UK announced its own sanctions on Russian diamonds.
The ban will also cover copper, aluminum and nickel. Russian iron and steel are already banned. The UK also designated 86 more people and companies from Putin's military industrial complex.
Pic of G7 leaders courtesy U.S. Embassy & Consulates in China