G7: UK to ban Russian diamonds in Ukraine war sanctions

Russian diamond imports to the UK will be banned in the latest sanctions following the invasion of Ukraine.

Imports of Russian-origin copper, aluminium and nickel will be blocked, under legislation to be introduced later this year.

Rishi Sunak said the UK must show “violence and coercion do not reap rewards” ahead of the G7 summit in Hiroshima.

The Russian diamond industry was worth $4bn (£3.2bn) in exports in 2021.

The UK government said it was also planning to target 86 more people and companies connected to President Vladimir Putin, including people who are “actively undermining the impact of existing sanctions”.

Since Russia’s attack on Ukraine, the UK has targeted more than 1,500 individuals and entities and frozen more than £18bn assets under the sanctions regime.

Last year the UK, US, Canada and Japan banned imports of Russian gold in an effort to hit the country’s ability to fund the war in Ukraine.

Downing Street said more than 60% of President Putin’s war chest has…

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This article was written by and originally published on www.bbc.co.uk