At the recently held G7 summit of leading industrial democracies in Hiroshima, Japan, diplomats from the G7 nations hinted that they are planning to limit exports of diamonds from Russia in a bid to punish Russia for invading Ukraine.
According to reports, a declaration to this effect is to be adopted by the G7 countries, in an effort to reduce Russia’s revenues, and ultimately limit their ability to wage war. The diamond trade is a significant source of income for Russia, making it an important economic sector for the country.
The looming sanctions against Russia come at a time when the state of the global economy, the war in Ukraine, and the West’s relationship with China are among other matters being discussed at the summit.
The G7, which consists of the United States, Germany, France, Italy, United Kingdom, Japan and Canada, is currently accompanied by extensive security measures due to the ongoing conflict with North Korea.
These countries have been taking a number of steps to rein in Russia’s continued push for dominance, both economically and in the political sphere. It remains to be seen how Russia will react to these sanctions, as there has not been an official response from the Kremlin yet.
For now, the G7 countries remain steadfast in their intention to limit Russian diamond exports, one in a series of measures aimed at curtailing Russia’s economy, as they seek to stem the tide of war in Ukraine.
