Belgium’s prime minister says his nation, which has the most important curiosity within the international diamond commerce within the European Union, is supporting a ban on Russian diamonds as a part of sanctions focusing on President Vladimir Putin’s authorities for its warfare agains…
BySAMUEL PETREQUIN Related Press
October 11, 2023, 8:41 AM
Ukraine’s President Volodymyr Zelenskyy, left, speaks with Belgium’s Prime Minister Alexander De Croo previous to a gathering on the prime ministers workplace in Brussels, Wednesday, Oct. 11, 2023. (Yves Herman, Pool Photograph by way of AP)
The Related Press
BRUSSELS — Belgium’s prime minister mentioned his nation, which has the most important curiosity within the international diamond commerce within the European Union, is supporting a ban on Russian diamonds as a part of sanctions focusing on President Vladimir Putin’s authorities for its warfare in opposition to Ukraine.
This got here throughout Ukrainian President Volodymyr Zelenskyya’s go to to Brussels on Wednesday. He has repeatedly requested for such a transfer for the reason that begin of Russia’s invasion in February 2022.
For months, the Group of Seven superior economies and the EU have been engaged on a option to hint and limit the commerce in Russian diamonds to forestall it from skirting the sanctions. Russia exports about $4 billion price of tough diamonds a 12 months, practically a 3rd of the world’s complete, in keeping with varied estimates.
Requested when the ban will enter into power, Belgian Prime Minister Alexander De Croo mentioned, “the purpose is … January 1st of 2024.”
In line with The Antwerp World Diamond Centre, the world’s most essential diamond buying and selling hub, 84% of all tough diamonds mined worldwide are traded within the Belgian metropolis, making it a very powerful gateway to the world for Russian diamonds.
“It has taken a while, as a result of we need to keep away from that diamond’s ban can be circumvented,” De Croo mentioned, sitting subsequent to Zelenskyy.
“In case you solely do it on the wholesale markets, then will probably be traded to different diamond facilities on the earth,” he added. “And we are going to nonetheless have it in our retailers, and it might make no distinction for Russia. This full traceability and this full banning on the retail markets is the one option to ensure that Russia isn’t financing the warfare anymore with these diamonds.”
Diamond imports from Russia to the EU haven’t been hit by the 27-nation bloc’s measures to date, which have harm many sectors of the Russian financial system, together with the profitable fuel and oil.
In Belgium, the diamond sector accounts for six,600 direct jobs and 26,000 oblique jobs, with annual commerce amounting to 37 billion {dollars}. Diamonds signify about 5% of complete Belgian exports to the EU and 15% exterior the European bloc.
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Observe the AP’s protection of the warfare at https://apnews.com/hub/russia-ukraine
