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Due to the Russian war against Ukraine at the beginning of the new year in the European Union it is no longer allowed to import diamonds and diamond jewelry from Russia.
This measure added to the sanctions approved against Russia in December 2023 due to the war in Ukraine. This sanction aims to deprive the Moscow government of an important source of revenue and thereby limit its ability to finance the war against Ukraine.
The EU Commission had recently estimated that Russia's income from the sale of diamonds amounts to about four billion euros per year.
Continuous renewal of sanctions
The European Council has extended and increased from time to time the restrictive measures against various sectors of the economy of the Russian Federation. The sanctions, which are renewed every six months, cover a wide range of sectors such as trade, finance, industry, technology, transport and luxury goods.
Thus, the European Council has decided, for example reducing and banning the import of gas, oil or coal from Russia, banning the import of foodstuffs, alcoholic beverages or timber and wood products; banning Russian ships from docking in EU ports and many other measures.
Many non-EU countries have joined the sanctions against the Russian Federation.
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