India’s External Affairs Minister, Subrahmanyam Jaishankar, has voiced concerns over the impact of G7 sanctions targeting Russian diamonds, stating that they will disproportionately affect India. Addressing young business leaders in Surat, Jaishankar outlined India’s efforts to address the ban’s potential consequences, aiming to delay, soften, or prevent its implementation entirely.
Jaishankar highlighted the significance of the issue for India, noting that a large number of jobs in the country rely on Russian goods. He also pointed out the potential adverse effects on consumers in G7 nations, including the EU, while emphasizing India’s substantial stake in the matter.
Prime Minister Narendra Modi has been in communication with Alexander de Croo, the Belgian Prime Minister holding the EU presidency, regarding the sanctions. Furthermore, Union Commerce Minister Piyush Goyal is set to pursue the issue further.
The sanctions, which came into effect on March 1st, specifically target Russian diamonds of one carat or larger, encompassing all goods regardless of whether they have been cut and polished. In contrast to previous US restrictions, these sanctions do not allow the import of Russian goods processed elsewhere.
