"Global Impact of G7's Russian Diamond Ban on Trade and Legalities"

The European Union has initiated a full ban on direct imports of natural and synthetic diamonds and diamond jewelry from Russia starting January 1, with an embargo on Russian diamonds processed in third countries to follow later in the year. This move is part of the EU's 12th package of sanctions against Russia, which also includes a tighter price cap on Russian oil and an expanded list of goods subject to sanctions, such as lithium batteries and certain chemicals. The sanctions are expected to impact Russia's earnings from the diamond trade, which are estimated to be between 3.7 and 4.6 million euros annually.