The United States tightens sanctions on Russian diamonds

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has announced new sanctions against Russian diamonds, in line with the G7 agreement. This decision, which was published on the OFAC website, provides for a ban on imports of non-core diamonds mined in Russia.

OFAC plans to implement these measures in two stages: the ban on imports of diamonds from Russia will come into effect on March 1 for some categories, and will be extended to others on September 1. In addition, restrictions are being imposed on the import of diamond jewelry and rough diamonds originating in Russia.

These measures are the result of commitments made by the G7 countries in December 2023 and are aimed at reducing Russia's revenues from the diamond trade. OFAC also plans to publish additional guidance on these sanctions in the near future.

In addition, OFAC announced sanctions against four entities and one vessel that were involved in violating the oil price cap at the end of 2023. This is another step towards limiting Russia's financial capabilities and punishing its aggressive actions.

To summarize, it is important to note that these sanctions complement a wide range of measures taken in various sectors of the economy, including the ban on imports of Russian diamonds announced by the European Union and other countries. All of this demonstrates the determination of the international community to counter Russia's aggressive actions and maintain international security and stability.