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Lifting of some of the sanctions against Russia

The US has allowed the import of certain categories of Russian diamonds

Aug 25, 2024 14:37 293

Lifting of some of the sanctions against Russia  - 1

The US has allowed the import of certain categories of Russian diamonds until September 1, 2025. This is stated in the updated general license , distributed by the US Treasury Department.

According to the document, the US allows the import of Russian diamonds until September 1, 2025, if they “were located outside the Russian Federation and were not exported or re-exported from it”. after a certain period. For diamonds weighing 1 carat and more, we are talking about March 1, 2024, for diamonds weighing more than 0.5 carat - September 1, 2024.

In addition, the United States issued a general license allowing the importation of diamond jewelry into the country if it was outside the Russian Federation before March 1, 2024 and was not exported or re-exported from the country after that period.

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In February of this year, the US authorities announced that, starting March 1, they would ban the import of unsorted diamonds and diamond jewelry from Russia. They also banned the import into the United States of rough diamonds from Russia weighing 1 carat or more from March 1 this year and 0.5 carats or more from September 1, regardless of whether they were processed in third countries.

In December 2023, the G7 countries announced the introduction of restrictions on the import of diamonds mined or processed in Russia from January 1, 2024. From March 1, restrictions also came into force on Russian diamonds processed in other countries . In a joint statement, G7 leaders agreed to create a “robust mechanism” by September 1, 2024 inspection and certification of rough diamonds within the G7.