Discover the latest updates on the EU's 12th package of sanctions against Russia, including the potential ban on Russian diamonds. Stay informed!
According to a report by Bloomberg on October 20th, the European Union will soon begin discussions with member states regarding the next set of sanctions against Russia for their invasion of Ukraine.
The European Union is making preparations to levy sanctions on Russia for the twelfth time. Consultations with the member states are expected to commence in the next few days, with the aim of reaching a consensus on the most appropriate measures to be taken.
Scope of possible new measures
The G7 may take a significant step by banning Russian diamonds as part of a wider package of measures. The package may also include an expanded list of banned products and the addition of anti-circumvention designations. The ban on Russian diamonds is particularly significant, as Russia is one of the world's largest producers of diamonds, and this move could significantly impact the global diamond industry.
The ongoing conflict between Russia and Ukraine has been intensified by Russia's financial support, which is allegedly being extended through the sale of diamonds. One of Russia's leading diamond companies is believed to be at the forefront of this illicit trade, exporting its products to Western brands with the help of international middlemen. The company's involvement in the conflict has raised concerns about the role of the diamond industry in fueling violent conflicts across the world. The issue has also sparked debates about the need for stricter regulations on the sale of diamonds and other precious gems to prevent such activities.
More goods to be barred
According to reports, the European Union is considering the possibility of further expanding the list of dual-use commodities that have military applications. This proposed expansion would include goods that Moscow can obtain from other countries. The current list includes items that can be used for both civilian and military purposes, such as certain types of chemicals, software, and technology. By adding more items to the list, the EU aims to prevent the misuse of goods that could potentially be used for military purposes in Ukraine.
Export limits on countries
The European Union has expressed concerns regarding the re-exportation of sanctioned items and has issued a warning through the European Commission. In cases where diplomatic efforts prove to be ineffective in preventing countries from re-exporting such items, the EU may resort to imposing export limits on those countries. This measure is aimed at ensuring that the embargoed goods do not end up in the hands of unauthorized individuals or entities, thereby preventing potential threats to the security of the EU and its allies.
"European leaders are hoping to come to an agreement in November or December."
We will keep you updated.
More Information and Links
EU: Russia Sanctions - Our Complete Overview for Businesses
Get a complete overview of EU sanctions against Russia, including the latest updates and a breakdown of each sanctions package.
EU Sanctions Update: Russia Individuals & Entities Listed
Stay updated on the EU's sanctions against Russia with our blog post. Discover the constantly updated list of individuals and entities affected.
All Sanctions Updates
Stay updated on the EU's sanctions
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