EU diamond sanctions to hit €4 billion Russian revenue stream

The European Commission has published updated guidelines detailing the next phase of the European Union‘s comprehensive ban on Russian diamonds.

According to the commission, the aim is to further restrict Russia‘s access to vital revenue streams.

The measures, which form part of a coordinated G7 effort, aim to deprive Russia of an estimated €4 billion in annual revenue, of which approximately €1.5 billion stems from imports into the EU.

“A ban is only effective if...