New Delhi, Dec 7 (KNN) G7 nations have decided to ban imports of Russian diamonds from January next year as a step to fine Russia over its aggression in Ukraine.

The group of seven nations Canada, France, Germany, Italy, Japan, UK and US, including EU have also agreed to implement staged embargoes on trading the stones throughout 2024, under an agreement aimed at restricting one of the few leading Russian exports still untouched by western sanctions.

The diamond ban is a welcome sign of support from western allies as Ukraine has recently become increasingly anguished by the failure of the EU and the US to commit to long-term financial and military support and as its counteroffensive against Russian troops has largely failed to make significant gains on the ground.

Russia’s economy and its military-industrial complex have proven more resilient than expected since President Vladimir Putin’s full-scale invasion of Ukraine in February last year, despite western sanctions that have been gradually imposed in response.

The west is increasingly alarmed at the failure of existing restrictions to curb rising Russian defence spending and the country’s production of weapons and military equipment.

The G7, whose leaders were set to meet virtually on Wednesday, will agree to ban imports of non-industrial diamonds from Russia starting on January 1 2024.

A ban on the stones processed in third countries will also be introduced from March 1 and a full traceability system for rough diamonds traded in G7 nations from September 1, according to people briefed on the contents of a draft joint statement.

(KNN Bureau)