We'll Carry on Exporting Diamonds, says Russia
January 01, 24
(IDEX Online) - Russia says it will carry on exporting diamonds, regardless of the G7 sanctions that come inti force tomorrow (1 January).
Finance Minister Anton Siluanov (pictured), on a visit to Beijing, told the news agency Tass: "All these restrictions introduced (by Western countries), they affect not only us alone but also those who introduced them.
"Exports of diamonds will continue. We will simply redirect sales to other regions. I'm sure this won't benefit those who introduced these sanctions."
Last month Vladimir Putin's press secretary Dmitry Peskov warned of a "boomerang effect" claiming they would harms the G7 countries that imposed them more than Russia itself.
Russia's foreign ministry has said it will respond to the sanctions - which it called "unfriendly, illegitimate actions" - by banning more European institutions and EU member states from entering the country.
The G7 and EU are jointly introducing sanctions which will, from tomorrow, outlaw Russian diamonds over 1.0-cts. They will be expanded on 1 March to cover Russian diamonds that are cut and polished in another country, and on 1 September to cover all diamonds up to 0.50-cts.