G7 to launch Russian diamond ban in bid to curb revenues

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G7 to launch Russian diamond ban in bid to curb revenues
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BRUSSELS/LONDON, Sept 15 - The Group of Seven countries is expected to announce an import ban on Russian diamonds in the next 2-3 weeks, Belgian officials told reporters on Friday, in a bid to tighten a squeeze on Russia's capacity to finance the war in Ukraine.

"We’re talking about restructuring a global market," the official said, acknowledging that the system wouldn't work perfectly right away and the G7 was still evaluating the details of Belgium's proposed plan. "The question is how we can do this collectively and effectively so that all parts of the industry – large and small – are represented," it said in an email.

"Industry representatives have been quite actively included in this discussion and thus the government officials are being cognisant of and trying to limit the negative impact this will have on centres that are neutral to the issue like India and Africa," he said.

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