G7 Implements Ban on Russian Diamond Imports

The G7 is expected to announce a ban on Russian diamonds and measures to manage immobilized Russian central bank assets and the G7 oil price cap. The ban on Russian diamonds will be implemented in two phases, starting from January 1, with a self-declaration system for diamond companies during the phase-in period. Western countries are also looking for ways to strengthen the implementation of the $60 price cap on Russian crude oil. The United States has already started imposing sanctions on violators of the price cap. Additionally, the European Commission is expected to propose a method to capture the interest gained on the frozen assets, which are primarily held by Belgian clearing house Euroclear.