Diamonds from conflict zones, which are used, among other things, to finance rebel groups, are internationally branded as “blood diamonds”. For several years now, the Kimberley Process has been working to extend the self-imposed (but not yet internationally binding) ban on trade in suspected diamonds through a system of certificates of origin. The war in Ukraine could now give impetus to these considerations.
After fossil fuels and gold, diamonds are now the focus of Western sanctions against Russia. Ukraine is calling for the revaluation of Russian diamonds, which has been received with support from Western governments. The result would be a huge barrier to trade. Until now, the Kimberley Trial, initiated in 2000 with an agreement in Kimberley, South Africa, has only targeted aggressors against legitimate governments.
Through the Alrosa company, Russia accounts for nearly a third of the world’s annual diamond production. The advance threatens a multi-billion dollar business. The Russian Ministry of Finance is therefore alarmed that its own products may fall under this definition. “We therefore call on our opponents to refrain from further speculative accusations, to refrain from political demagoguery and to focus on the substantive work of the CP,” the finance ministry in Moscow said.
Russian diamond producer on US sanctions list
However, the aim of the Western sanctions is to deprive Russia of more and more revenues from the export of raw materials. The US has announced an embargo on Russian gold. The EU has already stopped importing Russian coal and plans to stop importing Russian oil by the end of the year. The US government had already put Alrosa on its sanctions list in April.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
