Following the European Union’s lead, Canada and Japan have ramped up their sanctions on the import of Russian diamonds. The move comes in response to the EU’s ban on Russian-origin diamonds, which went into effect on March 1, prompting a synchronized response from these two nations.
In Canada, authorities have enacted a comprehensive ban targeting not only its citizens but also individuals from other nations within Canadian borders. The ban encompasses the import, purchase, or acquisition of non-industrial rough and polished diamonds of Russian origin, including unsorted diamonds.
Meanwhile, Japan has implemented similar stringent measures, extending its ban beyond direct supplies from Russia to encompass third countries as well. The sanctions, announced on March 1, specifically target the import of Russian non-industrial diamonds, even if they undergo processing outside of Russia.
This escalation in sanctions follows a precedent set by the Group of Seven (G7) nations in December 2023, when they collectively announced restrictions on diamonds mined or processed in Russia, effective from January 1, 2024. With the latest measures, the restrictions are further tightened to include Russian diamonds that have undergone cutting or processing in other countries, signaling a united front against the Russian diamond trade.
